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Our Bureau

Mumbai , Aug. 21

The Reserve Bank of India today imposed a penalty of Rs 5 lakh on IDBI Ltd for violation of know your customer (KYC) norms and guidelines relating to IPO financing.

This is the second time the bank is being fined for the same violations. The last time the RBI had fined the bank in February 2006 for Rs 5 lakh for the same violations.

An RBI press release said IDBI had violated guidelines on norms relating to opening of accounts, including joint accounts. The bank also violated guidelines relating to IPO financing, the release said.

Since January 2006, the RBI has imposed penalties on several banks for similar violations in the IPO scam, inclusing HDFC Bank, Citibank and ICICI Bank.

More Stories on : Regulatory Bodies & Rulings | Private Banks | IPOs

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