RBI has imposed a penalty of.....on state-run Indian Overseas Bank (IOB) for not complying with the Know Your Customer (KYC) regulations recently.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

RBI has imposed a penalty of____on state-run Indian Overseas Bank (IOB) for not complying with the Know Your Customer (KYC) regulations recently.

A	Rs 9 crore
B	Rs 7 crore
C	Rs 2 crore
D	Rs 3 crore

Explanation:

Detailed explanation-1: -The Reserve Bank of India (RBI) has imposed, on February 27, 2018, a monetary penalty of ₹ 20 million on Indian Overseas Bank (the bank) for non-compliance with the directions issued by RBI on Know Your Customer (KYC) norms.

Detailed explanation-2: -The Reserve Bank of India (RBI) has, by an order dated November 16, 2021, imposed a monetary penalty of ₹1.00 Crore (Rupees One Crore only) on State Bank of India (the bank) for contravention of sub-section (2) of section 19 of the Banking Regulation Act, 1949 (the Act).

Detailed explanation-3: -The Reserve Bank of India (RBI) has, by an order dated September 07, 2022, imposed a monetary penalty of ₹36 lakh (Rupees Thirty-six lakh only) on Industrial Bank of Korea (the bank) for non-compliance with certain provisions of the ‘Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016’.

Detailed explanation-4: -Press Releases. The Reserve Bank of India (RBI) has, by an order dated June 29, 2022, imposed a monetary penalty of ₹1 crore (Rupees One crore only) on IndusInd Bank Ltd.

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