Case Brief
RBI, by order dated September 07, 2022, imposed a monetary penalty of ₹36 lakh on Industrial Bank of Korea for non-compliance with certain provisions of the RBI – KYC Direction, 2016. The violation arose from deficiencies found during statutory inspection, including failure to put in place a system for periodic review of risk categorization of accounts. RBI said the penalty was imposed under the Banking Regulation Act after considering the bank’s reply and oral submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 36.0 L
- Entity Type
- Bank
- Action Type
- Monetary penalty
- Order Date