RBI imposes ₹27 crore penalty on 13 banks
The RBI has imposed a total of ₹27 crore as penalty on 13 banks, including HDFC Bank and Bank of Baroda, for "violation of regulatory directions/instructions/guidelines, among other things, on KYC (Know Your Customer) norms". Eight other banks, including SBI and ICICI Bank, have been asked to “ensure strict compliance with KYC requirements and FEMA (Foreign Exchange Management Act) provisions".