RBI fines ICICI and Bank of Baroda
Posted on: 18/Dec/2014 5:20:53 PM - No. of views : (2385)
Reserve Bank of India has levied penalty for Rs. 50 Lakhs and Rs.25 Lakhs to ICICI and Bank of Baroda respectively. RBI has further stated that if these banks had followed the rules of �Know Your Customer� method, then these mistakes would have never occurred.
There were similar complaints on State Bank of India, Axis bank and State Bank of Patiala and they were severely warned. RBI has reported that this issue was prevailing without the knowledge of the concerned banks.
