Case Brief
By orders dated February 04, 2019, the Reserve Bank of India imposed monetary penalties on three banks: HDFC Bank Limited, IDBI Bank Limited, and Kotak Mahindra Bank Limited. RBI said the penalties were for non-compliance with its directions on Know Your Customer (KYC) norms and Anti-Money Laundering (AML) standards, including circulars dated November 29, 2004 and May 22, 2008. The action was taken under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Bank
- Action Type
- Monetary penalty