RBI imposes fine on three entities for failing to comply

The Reserve Bank of India (RBI) imposes fine on three entities: Three organisations, including Industrial Bank of Korea, have received fines from the Reserve Bank for breaking regulations.

The Reserve Bank of India (RBI) imposes fine on three entities: Three organisations, including Industrial Bank of Korea, have received fines from the Reserve Bank for breaking regulations. The Reserve bank of India announced that Industrial Bank of Korea has been fined Rs 36 lakh for failing to follow several Know Your Customer (KYC) guidelines.

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RBI imposes fine on three entities: Key Points

Woori Bank was fined Rs 59.10 lakh for failing to follow RBI guidelines regarding the “Creation of a Central Repository of Large Common Exposures – Across Banks.”
Indiabulls Commercial Credit Limited, New Delhi, has been fined Rs. 12.35 lakh for failing to follow some KYC directives.
The Reserve Bank did emphasise that the purpose of penalties is not to judge the legality of any transaction or arrangement entered into by the firms with their clients but rather to reflect weaknesses in regulatory compliance.