SOURCE OF INFORMATION : RESERVE BANK OF INDIA WEBSITE & NEWSPAPERS
PERIOD COVERED : 01-AUG-1996 TO 21-NOV-2024

PRIVATE BANKS: DID NOT VERIFY SOURCE OF FUNDS CREDITED TO FEW NON-RESIDENT ORDINARY (NRO) ACCOUNTS

S.No.

ENTITY

PERSONS

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

1

History of entity/person

AXIS BANK LTD.

ALLOWED OPERATIONS AND DID NOT CLOSE SEVERAL ACCOUNTS OPEN USING OTP BASED E-KYC IN NON-FACE-TO-FACE MODE, EVEN AFTER EXPIRY OF ONE YEAR WITHOUT CONDUCTING CUSTOMER DUE DILIGENCE PROCEDURE

DID NOT OBSERVE CERTAIN SAFEGUARDS IN RESPECT OF ARRANGEMENT OF �AT PAR� PAYMENT OF CHEQUES DRAWN BY CO-OPERATIVE BANKS

DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ON KYC COMPLIANCE FOR WALK-IN CUSTOMERS INCLUDING FOR SALE OF THIRD PARTY PRODUCTS

DID NOT FILE CASH TRANSACTION REPORTS (CTRS) IN RESPECT OF SOME CASH TRANSACTIONS, SALE OF GOLD COINS FOR CASH BEYOND RS. 50,000

DID NOT OBTAIN PERMANENT ACCOUNT NUMBER (PAN) CARD DETAILS OR FORM 60/61

DID NOT VERIFY SOURCE OF FUNDS CREDITED TO FEW NON-RESIDENT ORDINARY (NRO) ACCOUNTS

DID NOT RE-DESIGNATE FEW ACCOUNTS AS NRO ACCOUNTS

IMPOSED PENALTY RS.5,00,10,000

10-JUN-2013

2

History of entity/person

HDFC BANK LTD.

ALLOWED OPERATIONS AND DID NOT CLOSE SEVERAL ACCOUNTS OPEN USING OTP BASED E-KYC IN NON-FACE-TO-FACE MODE, EVEN AFTER EXPIRY OF ONE YEAR WITHOUT CONDUCTING CUSTOMER DUE DILIGENCE PROCEDURE

DID NOT OBSERVE CERTAIN SAFEGUARDS IN RESPECT OF ARRANGEMENT OF �AT PAR� PAYMENT OF CHEQUES DRAWN BY CO-OPERATIVE BANKS

DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ON KYC COMPLIANCE FOR WALK-IN CUSTOMERS INCLUDING FOR SALE OF THIRD PARTY PRODUCTS

DID NOT FILE CASH TRANSACTION REPORTS (CTRS) IN RESPECT OF SOME CASH TRANSACTIONS, SALE OF GOLD COINS FOR CASH BEYOND RS. 50,000

DID NOT OBTAIN PERMANENT ACCOUNT NUMBER (PAN) CARD DETAILS OR FORM 60/61

DID NOT VERIFY SOURCE OF FUNDS CREDITED TO FEW NON-RESIDENT ORDINARY (NRO) ACCOUNTS

DID NOT RE-DESIGNATE FEW ACCOUNTS AS NRO ACCOUNTS

IMPOSED PENALTY RS.4,50,00,000

10-JUN-2013

3

History of entity/person

ICICI BANK LTD.

ALLOWED OPERATIONS AND DID NOT CLOSE SEVERAL ACCOUNTS OPEN USING OTP BASED E-KYC IN NON-FACE-TO-FACE MODE, EVEN AFTER EXPIRY OF ONE YEAR WITHOUT CONDUCTING CUSTOMER DUE DILIGENCE PROCEDURE

DID NOT OBSERVE CERTAIN SAFEGUARDS IN RESPECT OF ARRANGEMENT OF �AT PAR� PAYMENT OF CHEQUES DRAWN BY CO-OPERATIVE BANKS

DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ON KYC COMPLIANCE FOR WALK-IN CUSTOMERS INCLUDING FOR SALE OF THIRD PARTY PRODUCTS

DID NOT FILE CASH TRANSACTION REPORTS (CTRS) IN RESPECT OF SOME CASH TRANSACTIONS, SALE OF GOLD COINS FOR CASH BEYOND RS. 50,000

DID NOT OBTAIN PERMANENT ACCOUNT NUMBER (PAN) CARD DETAILS OR FORM 60/61

DID NOT VERIFY SOURCE OF FUNDS CREDITED TO FEW NON-RESIDENT ORDINARY (NRO) ACCOUNTS

DID NOT RE-DESIGNATE FEW ACCOUNTS AS NRO ACCOUNTS

IMPOSED PENALTY RS.1,00,10,000

10-JUN-2013

The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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