RBI slaps Rs 4.5-crore penalty on 3 banks for violating norms

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Mumbai | April 30, 2015 3:57 AM

Reserve Bank of India slapped penalties of Rs 1.5 crore each on Bank of Maharashtra, Dena Bank and Oriental Bank of Commerce for violating norms.

The Reserve Bank of India (RBI) on Wednesday slapped penalties of R1.5 crore each on Bank of Maharashtra, Dena Bank and Oriental Bank of Commerce for violating know-your-customer and anti-money-laundering norms, reports fe Bureau in Mumbai. It also cautioned eight other banks to ensure strict compliance.

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