Reserve Bank has imposed monetary penalty of two million rupees each on HDFC Bank, IDBI Bank and Kotak Mahindra Bank for non-compliance of various Know Your Customer/ Anti-Money Laundering norms.
A penalty of 1 crore rupees was imposed on Andhra Bank for the same reason.
The central bank clarified that the action is purely based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction by the banks with their customers.