Apex Bank said in his issued statement that the Reserve Bank of India (RBI) on Wednesday imposed a penalty of Rs 50 lakh on ICICI Bank and Rs 25 Lakh on bank of Baroda for Violation of KYC norms.
The RBI has also cautioned State Bank of India, Axis Bank and State Bank of Patiala in the same case
While it also written in the statement that the RBI has imposed monetary penalty on the following two banks for violation of its instructions, among other things, on know your customer (kYC)/ anti money laundering (AML). “after considering the facts of each case and individual bank’s party reply, as also, personal submissions, information submitted and documents furnished, the RBI came to the conclusion that some of the violations of serious nature were subs tainted and warranted imposition of monetary penalty as determined above on two banks, namely, ICICI Bank Ltd.
And Bank of Baroda. Failure on the part of these banks to take timely remedial measures had aggravated the seriousness of the contraventions and their impact.”
The live telecast of the consecration of Ram temple in Ayodhya on January 22 will be not only in
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