RBI fines 4 banks, including PNB, UCO Bank for violation of KYC norms for opening of current accounts

Mumbai: The Reserve Bank of India (RBI) has imposed a penalty of Rs 1.75 crore on four public sector banks, including PNB and UCO Bank, for non-compliance with KYC requirement and norms for opening of current accounts. Punjab National Bank, Allahabad Bank and UCO Bank have been fined Rs 50 lakh each, while a penalty of Rs 25 lakh has been imposed on Corporation Bank. [caption id=“attachment_5129811” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] Giving details, the RBI said the penalty has been imposed for non-compliance with certain provisions of directions issued by it on Know Your Customer norms or anti-money laundering standards and opening of current accounts. The action, however, is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers, the RBI added.