RBI imposed heavy fines on BOB and ICICI bank
By Neelima Shankar
Dec 18, 2014
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Recently It has been reported that the apex bank of the country – Reserve Bank of India has fined the two biggest bank of the nation – ICICI bank and Bank of Baroda,. ICICI bank has been penalized with Rs 50 lakh fine and Bank of Baroda with the Rs 25 lakh fine for flaws in following in KYC norms. RBI has strictly asked the bank to follow and put in place appropriate measures to adhere the KYC norms.

Seeing the increasing fraud cases of fake account opening and misusing them for various activities the RBI has mandated the KYC norms. According a investigation some banks are found which are not adhering to the certain regulatory guidelines issued by the RBI like customer identification and acceptance procedure.

Seeing this RBI decided to warn and fine the banks for Failure on the part of these banks to take timely remedial measures.

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