Latest News | RBI Imposes Penalties on 3 Entities for Non-compliance
Get latest articles and stories on Latest News at LatestLY. The Reserve Bank has imposed penalties on three entities, including Industrial Bank of Korea, for non-compliance with regulatory norms.
Mumbai, Sep 9 (PTI) The Reserve Bank has imposed penalties on three entities, including Industrial Bank of Korea, for non-compliance with regulatory norms.
A penalty of Rs 36 lakh has been imposed on Industrial Bank of Korea for non-compliance with certain Know Your Customer (KYC) norms, the central bank said in a statement on Friday.
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In another release, it said a penalty of Rs 59.10 lakh has been imposed on Woori Bank for non-compliance with RBI's directions on ‘Creation of a Central Repository of Large Common Exposures - Across Banks'.
A fine of Rs 12.35 lakh has been slapped on Indiabulls Commercial Credit Limited, New Delhi for contravention of certain provisions of KYC Directions.
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The Reserve Bank, however, added that penalties are based on the deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)