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The Reserve Bank of India (RBI) has imposed, by orders dated January 31, 2019, monetary penalty for non-compliance with various directions issued by RBI on monitoring of end use of funds, exchange of information with other banks, classification and reporting of frauds, and on restructuring of accounts, on seven banks. These include Allahabad Bank (Rs 1.5 crore, Andhra Bank (Rs 1 crore Bank of Maharashtra (Rs 1.5 crore) and Indian Overseas Bank (Rs 1.5 crore).

The central bank further imposed monetary penalty for non-compliance with various directions issued by RBI on Know Your Customer (KYC) norms / Anti-Money Laundering (AML) standards, more specifically those contained in circulars dated November 29, 2004 and May 22, 2008. This marks a penalty of Rs 2 crore each for HDFC Bank Limited, IDBI Bank Limited and Kotak Mahindra Bank.

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