The Reserve Bank of India (RBI) has imposed hefty penalties on three banks for non-compliance with various regulatory guidelines. These fines, running into crores, were levied following investigations that revealed significant lapses in adherence to banking norms and operational practices.
While the RBI has not disclosed specific names in its preliminary statement, the violations reportedly involve deficiencies in areas such as customer due diligence, regulatory reporting, and compliance with anti-money laundering (AML) standards.
The central bank emphasized that the penalties are meant to ensure accountability and compliance within the banking system, not to question the validity of transactions undertaken by the affected banks.
This action is part of the RBI’s ongoing efforts to strengthen regulatory oversight and safeguard the financial sector’s integrity. The penalized banks are expected to take corrective measures promptly to prevent future lapses.
Further details on the banks involved and the exact penalty amounts are anticipated in an upcoming official release from the RBI.
