NEWS & ADVICE : PERSONAL LOAN
ICICI Bank, ING Vysya Bank penalized: RBI
By Vaibhav Aggarwal
Oct 10, 2012
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Country's largest private lender ICICI Bank and Bangalore based ING Vysya Bank were heavily penalized by the Reserve Bank of India for violating ‘Know Your Customer' norms (KYC).

Penalty of Rs 55 lakh was imposed on ING Vysya Bank and Rs 30 lakh on ICICI Bank.

The banks were penalized for violating instruction and direction given by the RBI on KYC norms, Anti-money Laundering Standards, prevention of money laundering act and combating of Financing of Terrorism.

RBI further said that the banks have failed to obtain adequate documents for the opening of the bank accounts, to carry out customer identification procedures, to ensure identification of the entities and delay to file the suspicious transaction reports.

The penalties were imposed after the notice served to banks and studying their written replies and oral submissions, said RBI.


 


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