The Reserve Bank of India has imposed a penalties of Rs 55 lakh on ING Vysya Bank Ltd and Rs 30 lakh on ICICI Bank Ltd. The penalties have been imposed on them for contravention of various directions and instructions issued by the RBI on ‘Know Your Customer norms, Anti-Money Laundering Standards, and Combating of Financing of Terrorism. The reasons cited by the RBI for imposing the penalties on the banks include failure to obtain adequate documents for opening accounts, failure to carry out sufficient customer identification procedures, and failure to examine control structure of entities. — Our Bureau