RBI imposes Rs 1 crore penalty on Dhanlaxmi Bank

dhanlaxmibank--621x414The Reserve Bank of India (RBI) on Thursday said it has imposed a Rs.1 crore penalty on Dhanlaxmi Bank for violation of its instructions, among other things, on know-your-customer (KYC) norms and anti-money laundering (AML) standards.

“This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers,” the banking regulator said in a statement on its website.

RBI had issued a show-cause notice to Dhanlaxmi Bank for not having complied with KYC and AML guidelines with respect to a current account under investigation by the Economic Offences Wing (EOW), Mumbai. Read More

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