<h1>RBI Fines Axis, HDFC, ICICI Banks Over KYC and AML Violations; Rs. 1050.20 Lakh Total Penalty Imposed.</h1> The Reserve Bank of India (RBI) imposed monetary penalties on three banks-Axis Bank, HDFC Bank, and ICICI Bank-for violating RBI's instructions. The penalties amounted to Rs. 500.10 lakh, Rs. 450.00 lakh, and Rs. 100.10 lakh respectively. The violations included non-compliance with know your customer (KYC) norms, anti-money laundering (AML) guidelines, and other regulatory requirements. Although no direct evidence of money laundering was found, the RBI issued show cause notices to the banks, which led to the penalties after reviewing their responses. Similar investigations were conducted at 36 other banks, with follow-up actions ongoing.