Business

RBI charges

Fine on IOB over non-compliance with KYC norms

The RBI imposed a monetary penalty of Rs.20 million on Indian Overseas Bank for non-compliance with the directions issued by the former regarding Know Your Customer (KYC) norms.

This penalty, which was imposed on February 27, was in tune with the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account the failure of the bank in adhering to the aforesaid directions/guidelines issued by the RBI.

The central bank in an official release stated that the action was taken 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.

Earlier, a fraud was detected in one of the branches of IOB, wherein the examination of documents, including the bank’s internal inspection report, revealed, inter alia, non-compliance with the directions issued by the RBI on KYC norms. Based on the documents, a notice was issued to the bank advising it to justify as to why a penalty should not be imposed for non-compliance with the directions issued by the central bank.

After considering the bank’s reply, oral and written submissions made in the personal hearing, and additional information and documents furnished, the RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions/ guidelines were substantiated and warranted imposition of monetary penalty.

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ओपिनियन पोल
छत्तीसगढ़ की आगामी विधानसभा चुनाव के लिए डिजिटल मीडिया ‘clipper28.com’ नेसटीक ओपिनियन पोल करनेका निश्चय किया है. अतः आप नीचे दिए सवालों के निष्पक्ष जवाब देंताकि राज्य की आने वाले दिनों की सही सियासी तस्वीर सामनेआ सके. कृपया अपना मत जरूर दें- With assembly election ahead
नाम
विधानसभा क्षेत्र
आयु
फ़ोन नं
विधानसभा चुनाव में सबसे बड़ी पार्टी कौन सी होगी ?
किस पार्टी को कितनी सीटें मिलेगी?
अगले मुख्यमंत्री के रूप में किसे देखना चाहेंगे?
क्या आपके क्षेत्र में विकास दिखाई पड़ रहा है?
क्या छत्तीसगढ़ का किसान भाजपा शासन से संतुष्ट है?
जो रोजगार छत्तीसगढ़ सरकार ने दिया, क्या उससे युवा वर्ग संतुष्ट है?
राज्य सरकार ने महिलाओं के सशक्तिकरण के लिए जो किया, उससे महिलाएं संतुष्ट हैं?
क्या आप अपने विधायक से संतुष्ट हैं? उन्होंने अपने वादे पूरे किए या अधूरे हैं उनके काम?
क्या आप अपने क्षेत्र की सरकारी सुविधाओं सेसंतुष्ट हैं?
क्या नक्सली समस्या पर नियंत्रण हुआ है?
क्या प्रदेश के मंत्रियों के कामकाज से संतुष्ट हैं?
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