Taking its feet on gross violation of FEMA guidelines and KYC norms, RBI has imposed Rs 27-crore penalty on 13 public and private sector banks, which includes PNB and HDFC Bank. However, eight other banks including SBI and ICICI Bank have been advised to ensure strict compliance with guidelines. A public sector bank reports, that,
Taking its feet on gross violation of FEMA guidelines and KYC norms, RBI has imposed Rs 27-crore penalty on 13 public and private sector banks, which includes PNB and HDFC Bank. However, eight other banks including SBI and ICICI Bank have been advised to ensure strict compliance with guidelines. A public sector bank reports, that,