The Reserve Bank of India has imposed a penalty of ₹50 lakh each on Allahabad Bank and UCO Bank for non-compliance with its directives on ‘Know Your Customer (KYC) norms/ Anti Money Laundering (AML) Standards’ and ‘Opening of Current Accounts’. The two Kolkata-headquartered public sector banks on Tuesday informed the exchanges about the imposition of penalty.
Allahabad Bank told the exchanges that it has taken necessary measures for ensuring compliance of said RBI directives.