The Reserve Bank of India (RBI) said it had levied a Rs.27 crore penalty on 13 banks for violating know your customer norms (KYC), as reported earlier by The Hindu . The RBI also advised eight lenders, viz. Axis Bank, Federal Bank, ICICI Bank, Kotak Mahindra Bank, OBC, Standard Chartered Bank, SBI and Union Bank of India, to comply with the requirements.
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