• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Mumbai, April 26

The Reserve Bank of India has imposed a penalty of Rs 10 lakh on SBI Commercial and International Bank Ltd for violation of KYC norms. A penalty of Rs 5 lakh was imposed for non-adherence to know-your customer norms while opening and operating IPO related accounts and not completing KYC procedure for existing accounts as per RBI instructions. It also imposed a penalty of Rs 5 lakh for the failure of the bank's internal control systems to detect the lapses. The central bank had advised the bank to conduct internal review of IPO funding, but it failed to detect the lapses and furnished wrong compliance report to RBI, a press release issued by the apex bank said.

More Stories on : RBI & Other Central Banks | Public Sector Banks | State Bank of India

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
`Rising rupee will dent home textile exports'

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line