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Our Bureau

Mumbai , Jan 23

THE Reserve Bank of India has fined seven banks for violation of RBI regulations and IPO finance irregularity. These banks are Bharat Overseas (Rs 20 lakh); Citibank (Rs 5 lakh); HDFC Bank (Rs 5 lakh); ICICI Bank (Rs 5 lakh); IOB (Rs 15 lakh); StanChart (Rs 5 lakh), and Vijaya Bank (Rs 10 lakh).

The RBI said that the penalties were imposed on these banks for violation of regulations on "know your customer (KYC) norms, for breach of prudent banking practices, and facilitating misuse of IPO finance to ineligible borrowers." Through a separate notification, RBI has prohibited banks from crediting a/c payee cheques to the a/c of any person other than the payee named therein.

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