The Reserve Bank of India (RBI) Wednesday imposed a penalty of Rs.50 lakh on ICICI Bank and Rs.25 lakh on Bank of Baroda for violation of KYC norms, a statement issued by the apex bank said.
“The Reserve Bank of India has imposed monetary penalty on the following two banks for violation of its instructions, among other things, on know your customer(KYC)/anti money laundering (AML),” the statement said.
The statement said the bank had received a complaint from a reputed statutory organisation in August, 2013, through which the details of a fraud perpetrated in five banks – State Bank of India, ICICI Bank Ltd., Bank of Baroda, Axis Bank Ltd. and State Bank of Patiala – with the connivance of certain officials of the statutory organisation were brought to the Reserve Bank’s notice.
