The Reserve Bank on Monday imposed a fine of Rs 5 crore on Axis Bank, Rs 4.5 crore on HDFC Bank and Rs 1 crore on ICICI Bank for violation of KYC norms and anti-money laundering guidelines after inquiring into charges levelled by a online portal Cobrapost. “After considering the facts of each case ... Reserve Bank came to conclusion that some of the violations were substantiated and warranted imposition of monetary penalty...” the central bank said in a statement.............
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