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    HomeNewsBusinessEconomyRBI imposes Rs 5L fine on 16 banks for violation of norms

    RBI imposes Rs 5L fine on 16 banks for violation of norms

    The lenders were issued show-cause notices and the action was taken after going through the responses, the RBI said in a notification.

    April 01, 2015 / 12:19 IST

    The Reserve Bank penalised 16 central cooperative banks with a fine of Rs 5 lakh each for non-adherence of the Know Your Customer and Anti-Money Laundering guidelines.

    The lenders were issued show-cause notices and the action was taken after going through the responses, the RBI said in a notification.

    "After considering the facts of the cases, the banks' replies and personal submissions in the matter, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty," it said. 

    first published: Mar 31, 2015 11:15 pm

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