RBI imposes penalty of INR 6.14 mln on RBL Bank for breach of KYC norms
This story was originally published at 18:53 IST on 22 November 2024
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--RBI imposes penalty of INR 6.14 mln on RBL Bank for breach of KYC norms
MUMBAI – The Reserve Bank of India on Friday imposed a fine of INR 6.14 million on RBL Bank for non-compliance of 'know your customer' norms, it said in a release. The regulator issued a show-cause notice to the bank based on the supervisory findings of non-compliance with the directions, according to the release.
The RBI said that the bank did not obtain the prescribed officially valid document while opening certain credit card accounts and allotted multiple customer identification codes to certain customers instead of a unique customer identification code for each customer. The fine was imposed on the bank after considering its response to the notice, RBI said.
On Friday, the shares of the bank closed 0.8% higher at INR 157.40 on the National Stock Exchange. End
Reported by Christina Titus
Edited by Akul Nishant Akhoury
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