The Reserve Bank of India (RBI) has imposed monetary penalty of Rs 5 million on Allahabad Bank for non-compliance with certain provisions of directions issued by RBI on Know Your Customer (KYC) norms / Anti Money Laundering (AML) Standards and Opening of Current Accounts.
The 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 the failure of the banks to adhere to the aforesaid directions issued by RBI.
This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.
Allahabad Bank is a nationalised bank with its headquarters in Kolkata. It is the oldest joint stock bank in India.
Company Name | CMP |
---|---|
SBI | 820.40 |
Bank Of Baroda | 263.75 |
PNB | 124.25 |
Canara Bank | 119.00 |
Union Bank Of India | 138.90 |
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