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RBI imposes penalty on Stanchart, ICICI Bank

RBI imposes penalty on Stanchart, ICICI Bank
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First Published: Fri, Jul 30 2010. 06 58 PM IST
Updated: Fri, Jul 30 2010. 06 58 PM IST
Mumbai: The Reserve Bank of India (RBI) said on Friday it has imposed a penalty of Rs500,000 each on Standard Chartered Bank and ICICI Bank.
The penalty on Standard Chartered was imposed for not furnishing within the stipulated time information on a foreign currency loan facility arranged by the bank to an offshore special purpose vehicle, the RBI said.
ICICI Bank was penalized for violation of guidelines on know your customer and money laundering standards issued by the central bank.
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First Published: Fri, Jul 30 2010. 06 58 PM IST