The Hindu Business Line : RBI penalises Catholic Syrian Bank

Mumbai, July 26 The Reserve Bank of India has imposed a penalty of Rs 10 lakh on Catholic Syrian Bank Ltd for non-adherence to Know-Your-Customer norms and AML standards while opening and operating certain accounts and failure of the bank’s internal control systems in detecting the irregularities.

The RBI had earlier issued a show-cause notice to the bank and on a careful examination of the bank’s reply, the RBI found that the violations were conclusively established and the penalty was accordingly imposed, said a RBI press release.

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