RBI imposes Monetary Penalty on Indian Overseas Bank

Reserve Bank of India (RBI) has imposed, on February 27, 2018, a monetary penalty of Rs 2 crore on Indian Overseas Bank (the bank) for non-compliance with the directions issued by RBI on Know Your Customer (KYC) norms.

This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to the aforesaid directions/guidelines issued by RBI., RBi release said

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

 

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