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For which bank, RBI fines Rs. 2 crore for non-compliance with Know Your Customer (KYC) norms?
  • a)
    Indian Overseas Bank
  • b)
    Axis Bank
  • c)
    Indusland Bank
  • d)
    Punjab National Bank
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
For which bank, RBI fines Rs. 2 crore for non-compliance with Know You...
Reserve Bank of India imposed a penalty of Rs. 3 crore on Axis Bank for non-compliance of Income Recognition and Asset Classification (IRAC) norms and a penalty of Rs. 2 crore on Indian Overseas Bank for non-compliance with Know Your Customer (KYC) norms. In the case of IOB, RBI detected a fraud in one of IOB's branches, which was traced to non-compliance with KYC norms. The penalty was imposed after evaluating banks' reply and oral submissions in context of above matters.
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For which bank, RBI fines Rs. 2 crore for non-compliance with Know Your Customer (KYC) norms?a)Indian Overseas Bankb)Axis Bankc)Indusland Bankd)Punjab National BankCorrect answer is option 'A'. Can you explain this answer?
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