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| Exchange Received Time 06/03/2018 16:14:12 Exchange Disseminated Time 06/03/2018 16:14:19 Time Taken 00:00:07 | This is with reference to clarification sought on recent news article titled 'Indian Overseas Bank fined Rs. 20 mn for KYC breach'.
For the non-compliance with the directions / guidelines issued by RBI for KYC, a penalty of Rs. 2 crore has been levied on us. This relates to some of the accounts opened in one of our branches in 2010-11 which were found non-compliant to KYC norms, detected during internal investigations.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the Bank with its customers.
The above information may be taken on record.
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