http://profit.ndtv.com/news/industries/article-reserve-bank-fines-private-banks-over-rs-10-crore-for-violating-kyc-norms-323205
The Reserve Bank of India on Monday said it had imposed penalties on Axis Bank, HDFC Bank and ICICI Bank for violating guidelines related to details of customer identity known as "know your customer" rules.
The central bank investigated the banks following an investigation by an independent organisation, which had alleged widespread money laundering practices at their branches.
The RBI said it had not found initial evidence of money laundering against the three banks.
Axis Bank was fined Rs. 5 crore, HDFC Bank Rs. 4.5 crore and ICICI Bank, the country's second-largest lender, Rs. 1 crore.
The Reserve Bank of India on Monday said it had imposed penalties on Axis Bank, HDFC Bank and ICICI Bank for violating guidelines related to details of customer identity known as "know your customer" rules.
The central bank investigated the banks following an investigation by an independent organisation, which had alleged widespread money laundering practices at their branches.
The RBI said it had not found initial evidence of money laundering against the three banks.
Axis Bank was fined Rs. 5 crore, HDFC Bank Rs. 4.5 crore and ICICI Bank, the country's second-largest lender, Rs. 1 crore.
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