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of <h1>RBI Fines Six Banks for KYC and AML Violations; IndusInd Bank Receives Cautionary Letter Under Banking Regulation Act, 1949.</h1> The Reserve Bank of India (RBI) imposed monetary penalties on six banks for violating instructions related to Know Your Customer (KYC) and Anti Money Laundering (AML) guidelines. The penalties ranged from Rs. 0.50 crore to Rs. 2.00 crore and were levied under the Banking Regulation Act, 1949. The violations included non-adherence to KYC norms, improper customer identification, and failure to monitor transactions. Despite these breaches, no direct evidence of money laundering was found. IndusInd Bank was issued a cautionary letter instead of a penalty, as its explanations were satisfactory. The RBI had conducted a scrutiny of these banks in April and May 2013.
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