RBI slaps Rs 55 lakh penalty on ING Vysya Bank

Penalty for contravention of directions and instructions issued on KYC norms, others

The Reserve Bank of India (RBI) has imposed a penalty of Rs 55 lakh on ING Vysya Bank Limited for contravention of various directions and instructions issued by the regulator on KYC (Know Your Customer) norms, AML standards, combating of financing of terrorism, PML Act, 2002.

“We are studying the RBI order and will take necessary remedial measures expeditiously,” the bank said in a statement to the National Stock Exchange (NSE).

The Executive Director of RBI, in exercise of powers vested with under the provisions of Section 47A(1)(b) read with Section 46(4)(i) of the Banking Regulations Act, 1949 has imposed the penalty on the bank.