RBI imposes Rs 5 lakh fine on 16 banks for violation of norms

The Reserve Bank on Tuesday penalised 16 central cooperative banks with a fine of Rs 5 lakh each for non-adherence of the Know Your Customer and Anti-Money Laundering guidelines. The lenders were issued show-cause notices and the action was taken after going through the responses, the RBI said in a notification late this evening."After considering the facts of the cases, the banks' replies and personal submissions in the matter, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty," it said.Also Read: RBI eases norms for home loans for up to Rs 10 lakh