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RBI slaps Rs 30 lakh fine on ICICI, Rs 55 lakh on ING Vysya

This article was posted on Oct 9, 2012 and is filed under Press Releases

The Reserve Bank of India (RBI) has slapped penalties of Rs 55 lakh on ING Vysya Bank , a private sector lender based in Bangalore and Rs 30 lakh on ICICI Bank, the second largest lender in terms of loan book, for violating Know Your Customer (KYC) norms.

“The penalties have been imposed on these banks for contravention of various directions and instructions issued by the RBI on KYC norms/anti-money laundering (AML) standards/combating of financing of terrorism (CFT) / prevention of money laundering act, 2002,” the regulator said in a release on Wednesday.

Tags: 19 banks penalized, icici penalized by rbi, news on banks, rbi banks

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