We wish to inform you that the Reserve Bank of India (RBI) has vide its order dated 13th June 2019 received by the Bank today i.e. 18th June 2019 imposed a monetary penalty of Rs. 10 million on the Bank for non-compliance with directions issued by RBI on Know Your Customer (KYC)/ Anti-Money Laundering (AML) Norms and on reporting of frauds. 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.
The Bank has taken necessary measures to strengthen its internal control mechanisms so as to ensure that such incidents do not recur.
The above is placed for your information and records pursuant to the Regulation 30 of the LODR Regulations.
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