The Reserve Bank of India (RBI) has penalised 22 banks, including the country’s largest bank State Bank of India for violation of its instructions, among other things, on Know Your Customer (KYC)/Anti Money Laundering (AML) norms.
Monetary penalty
Among public sector lenders, State Bank of India, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, and Indian Overseas Bank have been imposed a monetary penalty of Rs 3 crore each, while Punjab Nation Bank, Andhra Bank and United Bank of India are charged with Rs 2.5 crore each.
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