RBI imposed a Rs 1-crore penalty to this bank for non-compliance of Know Your Customer (KYC) guidelines and fraud-classification norms.

2019

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

A	Vijaya Bank
B	Allahabad Bank
C	Bank Of Baroda
D	Bank of Maharashtra

Explanation:

Detailed explanation-1: -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. (the bank) for non-compliance with certain directions issued by RBI on ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’.

Detailed explanation-2: -RBI imposes Rs 1 crore fine on State Bank of India - The Economic Times.

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 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).

There is 1 question to complete.