The Reserve Bank of India (RBI) has imposed monetary penalty of Rs 25 lakh on Andhra Bank for non-compliance with certain provisions of directions issued on KYC and 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 the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI. Based on a complaint, an examination of current accounts opened by two entities in the bank was carried out and it was observed that the bank had failed to comply with certain provisions of RBI directions.
Andhra Bank offers a wide range of services such as Retail banking, Agriculture, MSME, Corporate, NRI services and Personal banking services etc.
Company Name | CMP |
---|---|
SBI | 828.60 |
Bank Of Baroda | 268.50 |
PNB | 126.35 |
Canara Bank | 117.15 |
Union Bank Of India | 155.85 |
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