Home >Industry >Banking >RBI fines fours banks, including PNB, for violation of KYC norms

RBI fines fours banks, including PNB, for violation of KYC norms

  • PNB, Allahabad Bank and UCO Bank have been fined 50 lakh each
  • A penalty of 25 lakh has been imposed on Corporation Bank

Mumbai: The Reserve Bank of India (RBI) has imposed a penalty of 1.75 crore on four public sector banks, including PNB and UCO Bank, for non-compliance with KYC requirement and norms for opening of current accounts.

Punjab National Bank, Allahabad Bank and UCO Bank have been fined 50 lakh each, while a penalty of 25 lakh has been imposed on Corporation Bank.

Giving details, the RBI said the penalty has been imposed for non-compliance with certain provisions of directions issued by it on Know Your Customer norms or anti-money laundering standards and opening of current accounts.

The action, however, is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers, the RBI added.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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