RBI imposes penalty on Lakshmi Vilas Bank

Amounting to Rs 3 crore

Lakshmi Vilas Bank announced that the Reserve Bank of India ("RBI") has imposed penalty amounting to Rs. 3 crore, in exercise of powers conferred under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulations Act, 1949 for the contraventions of various guidelines/directions of the RBI in respect of opening of current accounts without obtaining No-objection Certificate (NOC), extending bill discounting facilities to non-constituents and walk-in customers and non-adherence to KYC norms.

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