ICICI Bank, ING Vysya Bank penalized: RBI
By Vaibhav Aggarwal
Oct 10, 2012
Print    Email    RSS   

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.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Carnival of Indian Personal Finance Blogs # 9
How far can new banking licenses be banked...
BPLR or Base rate?? Which is better…?
Carnival of Indian Personal Finance Blogs #4
Carnival of Indian Personal Finance Blogs #1

HOTEL: CaℒL Giℛℒs In Kharar 09855660911...
Model Escoℛts Service In Pune 8888IOO484 Caℓℓ...
What is the outstanding Amount for my personal loan

LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive