Case Brief
RBI issued orders dated November 18, 2019 imposing monetary penalties on two banks. Bank of Baroda was penalized for non-compliance with RBI directions relating to collection of account payee cheques, reporting of frauds, opening of savings bank accounts, preservation of identification records of customers, and KYC/AML norms. Indian Bank was penalized for non-adherence to norms for opening savings bank accounts and KYC/AML requirements. The release does not specify the penalty amounts in the provided text.
Action Snapshot
- Primary Impact
- Monetary penalty
- Entity Type
- Bank
- Action Type
- Monetary penalty