Money laundering: RBI imposes fine of Rs 49.5 crore on 22 banks

0
144

July 15, 2013

The RBI also issued cautionary letters to seven other banks without imposing any monetary penalty after it was satisfied with their written or oral submissions

July 15, 2013

The RBI also issued cautionary letters to seven other banks without imposing any monetary penalty after it was satisfied with their written or oral submissions

Mumbai:  The 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 know your customer/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.


Courtesy: PTI

LEAVE A REPLY

Please enter your comment!
Please enter your name here