RBI (Reserve Bank of India) on Monday said it had imposed fines on Axis Bank, HDFC Bank and ICICI Bank for violating guidelines related to details of customer identity known as "know your customer" (KYC) norms.
The central bank investigated the banks following an investigation by independent news website Cobrapost, which had alleged widespread money laundering practices at their branches.
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The RBI said it had not found initial evidence of money laundering against the three banks.
Axis Bank was fined 50 million rupees ($876,000), HDFC Bank 45 million rupees and ICICI Bank, the country's second-largest lender, 10 million rupees.
($1 = 57.0750 Indian rupees)