Case Brief
What Happened
By an order dated June 25, 2019, RBI imposed monetary penalties on Allahabad Bank, Corporation Bank, Punjab National Bank, and UCO Bank. The penalties were imposed under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, for non-compliance with RBI directions on KYC norms / AML standards and opening of current accounts. RBI said the action was based on deficiencies in regulatory compliance and followed examination of current accounts, issuance of notices, replies from the banks, and personal hearings.