The Reserve Bank of India on Friday imposed a penalty of Rs.5 lakh on ICICI Bank for violating Know Your Customer norms, and a similar amount on Standard Chartered Bank for not providing information on time about its foreign currency loan facility.

Earlier, the RBI had issued show cause notices to both banks in response to which they had submitted written replies.

The RBI said that on careful examination of the banks' replies and the oral submissions made by them, it was found that the violations were “conclusively established” and the penalties accordingly imposed.

More In: Business