<h1>RBI Fines Three Banks Rs. 15 Million Each for KYC/AML Violations; Eight Others Cautioned to Improve Compliance.</h1> The Reserve Bank of India (RBI) has imposed monetary penalties of Rs. 15 million each on three banks-Bank of Maharashtra, Dena Bank, and Oriental Bank of Commerce-for violating KYC/AML guidelines. Eight other banks, including Central Bank of India and Punjab National Bank, were cautioned to enhance compliance measures. This action followed a scrutiny initiated by a complaint about irregularities in fixed deposit accounts and overdraft facilities, revealing non-compliance with RBI's regulatory guidelines. The penalties were enforced under the Banking Regulation Act, 1949, due to serious violations and insufficient remedial actions by the penalized banks.