RBI imposes penalty of Rs 2 crore on IndusInd Bank

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Capital Market
Last Updated : Jul 28 2016 | 11:01 AM IST

On non-adherence to KYC / AML Guidelines

IndusInd Bank announced that on the basis of media reports relating to certain irregularities in advance remittance for import / export transactions in the banking system, the Reserve Bank of India conducted a scrutiny under Section 35(1A) of the Banking Regulation Act 1949. A Show Cause Notice was issued, to which the Bank gave a detailed response. After considering the written and oral submissions of the Bank, the RBI has imposed a penalty of Rs.2 crore on the Bank, citing grounds of non-adherence to KYC / AML Guidelines.

The Bank has reinforced the control process so as to prevent such occurrences in future.

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First Published: Jul 28 2016 | 10:27 AM IST

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