Three private sector banks,Axis Bank,HDFC Bank and ICICI Bank
have been imposed fine by the Reserve Bank of India for
violation of KYC (Know Your Customer ) norms.
The Reserve Bank of India,after investigation into the matter,
slapped monetary penalties of Rs.5 crore on Axis Bank,
Rs.4..5 crore on HDFC Bank and Rs.1 crore on ICICI Bank.
The scrutiny of books of accounts,internal ontrol and processes
of these three banks at their corporate offices and some
branches during March-April,2013 has revealed that there had
been contrvention of KYC guidelines and violation of certain
regulations and instructions issued by the Reserve Bank.
Eventhough the investigation did not reveal any prima facie
evidence of money laundering,any conclusive inference inb this
regard can be drawn only by an investigation by tax and
enforcement agencies.