This Is Not The First Time Banks Have Been Caught Red Handed!


Bangalore: The RBI imposed fines totaling 49.5 crore on 22 private and public sector banks including SBI, PNB and Yes Bank for violating KYC (Know Your Customer) and anti-money laundering norms. It all started after the editor of the online magazine Cobrapost.com, Aniruddha Bahal raised curtains on camera 20 banks across the country offering to launder money.

Over the years there are incidents across many countries where banks have been found to violate banking norms and regulations. After the wake of the LIBOR scandal in U.K., “Changing Banking for Good” commission was established in July 2012 to perform an inquiry into professional standards and culture in the U.K. banking sector.

Monika Halan, editor, Mint Money has pointed out the banking sector scenario in India, UK and The U.S.

India Story

The Cobrapost expose purportedly showed officials of the country's top banks offering services which violated the existing money laundering and 'know your customer' norms. Following this, RBI imposed fines totaling 49.5 crore on 22 private and public sector banks including SBI, PNB and Yes Bank and many others on the list.

These 22 Banks Are Slapped With 49.5 Crore Fines
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