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| Exchange Disseminated Time 28/07/2016 09:26:25 | Indusind Bank Ltd has informed BSE that On the basis of media reports relating to certain irregularities in advance remittance for import / export transactions in the banking system, the Reserve Bank of India conducted a scrutiny under Section 35(1A) of the Banking Regulation Act 1949. A Show Cause Notice was issued, to which the Bank gave a detailed response. After considering the written and oral submissions of the Bank, the RBI has imposed a penalty of Rs.20 million on the Bank, citing grounds of non-adherence to KYC / AML Guidelines.
The Bank has reinforced the control process so as to prevent such occurrences in future. |
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