RBI imposes Rs 1 crore penalty on Dhanlaxmi Bank
The Reserve Bank of India on Thursday imposed a Rs 1-crore penalty on Dhanlaxmi Bank for non-adherence to KYC (know your customer) and anti-money laundering guidelines.

The RBI had issued a show cause notice to the bank for not having complied with KYC and AML guidelines. It pertained to a current account that is under investigation by the economic offences wing of Mumbai police.?
After considering the documents and personal submission by the bank, the RBI came to the conclusion that Dhanlaxmi Bank had violated KYC & AML guidelines from time to time.
Source:BankingUpdates
Source:BankingUpdates
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