ICICI Bank Ltd.

The Reserve Bank of India (RBI) has imposed penalty on ICICI Bank for violating 'Know Your Customer' (KYC) as well as anti money-laundering norms (ALM). The central bank fined ICICI Bank Rs 50 lakh and cautioned other banks like State Bank of India, Axis Bank and State Bank of Patiala that they should review and comply with KYC norms.

RBI reviewed the KYC and ALM processes of the bank after it received a complaint from a reputed statutory organisation in August 2013.

ICICI Bank is India's largest private sector bank with consolidated total assets of US $ 124.76 billion at March 31, 2014. Its subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. The Bank's presence spans 18 countries, including India.