Indian Bank fined Rs 50 lakh by RBI for violating KYC rules

The penalty was slapped because of failure to comply with Know Your Customer (KYC) norms laid out by the RBI.

FPJ Web DeskUpdated: Thursday, April 06, 2023, 10:00 PM IST

According to a regulatory filing, state-owned Indian Bank has been slapped with a Rs 50 lakh fine by the Reserve Bank of India.

The lender was penalised for its failure to comply with Know Your Customer (KYC) norms laid out by the RBI.