Mostly Cloudy
16°CMon :Partly Cloudy/Wind. High: 20 Low: 6

22 banks fined for violating KYC/anti-money laundering norms

22 banks fined for violating KYC/anti-money laundering norms

New Delhi: RBI on Monday imposed fines totalling Rs 49.5 crore on 22 private and public sector banks including SBI, PNB and Yes Bank for violating KYC/anti-money laundering norms.

It also gave cautionary letters to seven including Citibank and Stanchart following an expose made by an online portal.

“After considering the facts of each case…Reserve Bank came to conclusion that some of the violations were substantiated and warranted imposition of monetary penalty…” the central bank said in a statement.

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.

United Bank of India, Lakshmi Vilas Bank, Punjab National Bank, Jammu & Kashmir Bank and Andhra Bank were slapped a penalty of Rs 2.5 crore each.

A penalty of Rs 2 crore each was imposed on Yes Bank, Vijaya Bank, Oriental Bank of Commerce and Dhanlaxmi Bank. The other banks which were penalised by the RBI include Deutsche Bank, Development Credit Bank, ING Vysya Bank, Kotak Mahindra Bank and Ratnakar Bank.
Besides, Reserve Bank 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.
Following probe into charges levelled by an online portal Cobrapost, RBI has earlier imposed fines totalling Rs 10.5 crore on top three private lenders – Axis Bank, HDFC Bank and ICICI Bank.

Although the investigation did not reveal any prima facie evidence of money laundering, RBI said that “any conclusive inference in this regard can be drawn only by an end-to-end investigation of the transactions by tax and enforcement agencies”.

 

Top Stories

Kitkat_lollipop_ibnlive-624x351

Ten enhancements Android Lollipop has made to Android Kitkat

November-24-2014
  We may have not been this energized as kids to have a sweet candy as much as we are to have
rupee-gains-8-paise-to-61-86-against-dollar-in-early-trade

Rupee picks up 8 paise against dollar

November-24-2014
MUMBAI: The rupee reinforced by eight paise to 61.68 against the dollar in ahead of schedule exchange on Monday at the Interbank
thumb_112414120120

Astrologer told Smriti Irani that she’ll become president one day

November-24-2014
Human Resource Development Minister Smriti Irani was told by a Rajasthan-built soothsayer with respect to Sunday that she would be the President
Narendra-Modi_1_6501

PM Modi is hopefulls that winter session will be come about result oriented

November-24-2014
PM Narendra Modi on Monday said he trusted that winter session of parliament would be productive and result-arranged. “It was a direct
IV_34_1

Sania Mirza may play IPTL singles

November-21-2014
Mumbai: After a completely remunerating year where she won her lady World Tour Finals to add to her US Open blended pairs
happyending

Happy Ending Movie Review

November-21-2014
It is never an especially decent thought to wed a Happy Ending to a rash of remaining details, however the come about