Reference: Reserve Bank of India
Update:
Monetary penalty on Andhra Bank:
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 25 lakh on Andhra Bank for non-compliance with certain provisions of directions issued by RBI on Know Your Customer (KYC) Norms/ Anti Money Laundering (AML) Standards and Opening of Current Accounts.
Implication:
The said Bank will comply with all the directives issued by RBI to avoid further penalty.
