MUMBAI: The Reserve Bank of India on Monday imposed a fine of Rs 49.5 crore on 22 banks following investigations into allegations of money laundering levelled against them by a web portal, which had conducted a sting operation on their branches.
The second round of investigations did not bring out any instance of money laundering but resulted in the largest collective penalty on Indian banks for violation of 'know your customer' norms that are aimed at preventing money laundering.
The banks that have been fined include the State Bank of India, Canara Bank, Bank of Baroda, Central Bank of India, Indian Overseas Bank and Federal Bank, which have been fined around Rs 2 crore each. Six other public sector banks have been fined between Rs 1 and Rs 2.5 crore each. Among the new generation private banks, Yes Bank and Kotak Mahindra Bank have been fined Rs 1.5 crore and Rs 2 crore, respectively. The old generation private banks that have been fined Rs 2.5 crore each are Jammu & Kashmir Bank and Laxmi Vilas Bank.
The second round of investigations did not bring out any instance of money laundering but resulted in the largest collective penalty on Indian banks for violation of 'know your customer' norms that are aimed at preventing money laundering.
The banks that have been fined include the State Bank of India, Canara Bank, Bank of Baroda, Central Bank of India, Indian Overseas Bank and Federal Bank, which have been fined around Rs 2 crore each. Six other public sector banks have been fined between Rs 1 and Rs 2.5 crore each. Among the new generation private banks, Yes Bank and Kotak Mahindra Bank have been fined Rs 1.5 crore and Rs 2 crore, respectively. The old generation private banks that have been fined Rs 2.5 crore each are Jammu & Kashmir Bank and Laxmi Vilas Bank.
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