RBI Impose Fines of Rs 49.5 Crores on 22 Public & Private Sector Banks Monday July 15,2013

The Reserve Bank of India (RBI) on Monday July 15,2013 imposed fines totalling Rs 49.5 crore on 22 private and public sector banks for violating KYC/anti-money laundering norms

The penalty on 22 banks follows scrutiny carried out by RBI of books of accounts, internal control, compliance systems and processes of these banks at their corporate offices and some branches during April 2013.

The scrutiny was conducted to probe allegations of contravention of Know Your Customer (KYC)/anti—money laundering guidelines against them following the expose.

A penalty of Rs. 3 crore each has been imposed on  -

• State Bank of India (SBI)
• Bank of India
• Canara Bank
• Bank of Baroda
• Central Bank of India
• Indian Overseas Bank and
• Federal Bank

The RBI slapped a penalty of Rs. 2.5 crore each on -

• United Bank of India
•  Lakshmi Vilas Bank
•  Punjab National Bank
•  Jammu & Kashmir Bank and
•  Andhra Bank 

Also the RBI has issued cautionary letters to

• Citibank
• Standard Chartered Bank
• Barclays Bank
• BNP Paribas
• Royal Bank of Scotland
• Bank of Tokyo Mitsubishi and 
• State Bank of Patiala

The RBI slapped a penalty of Rs. 2 crore each on -

• Yes Bank
• Vijaya Bank
• Oriental Bank of Commerce
• Dhanlaxmi Bank
• Deutsche Bank
• Development Credit Bank
• ING Vysya Bank
• Kotak Mahindra Bank and
• Ratnakar Bank

Note

Following probe into charges levelled by an Online Portal Cobrapost,RBI had earlier imposed fines totalling Rs. 10.5 crore on top three private lenders — Axis Bank, HDFC Bank and ICICI Bank