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RBI slaps Rs 1.75-crore penalty on Indian Bank for non-compliance

The non-compliance included the opening of savings bank accounts of a co-operative society and non-adherence with directions on KYC

Gireesh Babu  |  Chennai 

Indian Bank

The (RBI) has imposed a monetary penalty of a total of Rs 1.75 crore on Chennai-based for non-compliance with its various directions.

The non-compliance included the opening of savings bank accounts of a co-operative society and non-adherence with directions on (KYC)/Anti Money Laundering (AML) norms; window-dressing of balance sheet as on March 31, 2018, by loan disbursement amounting to Rs 508.28 crore; and delayed reporting of frauds.

"The said penalty will not have any material impact on the Bank," said in a regulatory filing.

First Published: Wed, November 20 2019. 16:56 IST
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