These 22 Banks Are Slapped With 49.5 Crore Fines


10. ING Vysya Bank

Penalty Amount: 1.50 Crore

ING Vysya Bank is a Bangalore-based private bank with retail, wholesale, and private banking platforms. As of March 31, 2013, ING Vysya has assets totaling 54836 crore ($9.9 billion) and operates a pan-India network of over 1,000 outlets, including 527 branches, which service over two million customers

The penalty amount for ING Vysya Bank accounted for 1.50 Crore.

11. Jammu & Kashmir Bank

Penalty Amount: Rs 2.501 Crore

The Bank commenced business on July 4, 1939 and was considered the first of its nature and composition as a State owned bank in the country. On May 15 2013, bank announced that it has achieved the target of promised 1000 Crore profit for the FY 2012-13.

Jammu & Kashmir Bank is fined with Rs 2.501 Crore by the Reserve Bank of India.

12. Kotak Mahindra Bank

Penalty Amount: 1.501 Crore

Kotak Mahindra Bank is an Indian financial service firm established in 1985. In February 2003, Kotak Mahindra Finance, the group's flagship company was given the license to carry on banking business by the Reserve Bank of India (RBI).

Kotak Mahindra Bank is fined with 1.501 Crore by the Reserve Bank of India.

Apart from these 12 banks, a penalty of 2 crore each was imposed on Yes Bank, Vijaya Bank, Oriental Bank of Commerce and Ratnakar Bank.

United Bank of India, Lakshmi Vilas Bank, Punjab National Bank were slapped a penalty of 2.5 crore each.

Other banks penalized with 3 Crore were the State Bank of India and The Federal Bank.

Also Read:

8 Greatest Inventions That Transformed the World Economy

10 CEOs with Multi Million Retirement Packages