On non-adherence to KYC / AML Guidelines
IndusInd Bank announced that on the basis of media reports relating to certain irregularities in advance remittance for import / export transactions in the banking system, the Reserve Bank of India conducted a scrutiny under Section 35(1A) of the Banking Regulation Act 1949. A Show Cause Notice was issued, to which the Bank gave a detailed response. After considering the written and oral submissions of the Bank, the RBI has imposed a penalty of Rs.2 crore on the Bank, citing grounds of non-adherence to KYC / AML Guidelines.The Bank has reinforced the control process so as to prevent such occurrences in future.
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