RBI levies penalty on ICICI Bank, HDFC Bank, Axis Bank he Reserve - TopicsExpress

RBI levies penalty on ICICI Bank, HDFC Bank, Axis Bank he Reserve Bank of India penalised top three private sector banks – ICICI Bank, HDFC Bank and Axis Bank – for violating RBI instructions and flouting some know-your-customer (KYC) guidelines. The Reserve Bank of India scrutinised books of accounts, internal control, compliance systems and processes of the three banks at their corporate offices and some branches during March/April 2013 to investigate into the allegations of contravention of KYC/AML (anti money laundering ) guidelines against them exposed by online magazine Cobrapost in March this year. A similar scrutiny was also conducted at the corporate offices of 36 other banks during April and May 2013. The process of follow up action in respect of these banks is at different stages of its completion, the RBI said. Based on the findings of the scrutiny, the Reserve Bank issued a show cause notice to each of these banks, in response to which the individual banks submitted written replies. A penalty of Rs 1 crore, Rs 4.5 crore and Rs 5 crore have been levied on ICICI Bank, HDFC Bank and Axis Bank respectively. The scrutiny of the three banks revealed violation of regulations such as non-observance of certain safeguards in respect of arrangement of “at par” payment of cheques drawn by cooperative banks, non-adherence to certain aspects of know your customer (KYC) norms and anti money laundering (AML) guidelines like risk categorisation and periodical review of risk profiling of account holders. Further, the RBI also observed non-adherence of KYC for walk in customers including for sale of third party products, omission in filing of cash transaction reports in respect of some cash transactions, sale of gold coins for cash beyond Rs 50,000, not-obtaining of permanent account number (PAN) card details and non-verification of source of funds credited to a few non-resident ordinary (NRO) accounts among others.

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