RBI penalises three entities for non-compliance

Mumbai: The Reserve Bank has imposed penalties on three entities, including Industrial Bank of Korea, for non-compliance with regulatory

norms.

A penalty of Rs 36 lakh has been imposed on Industrial Bank of Korea for non-compliance with certain Know Your Customer (KYC) norms, the central bank said in a statement on Friday.

In another release, it said a penalty of Rs 59.10 lakh has been imposed on Woori Bank for non-compliance with RBI's directions on Creation of a Central Repository of Large Common Exposures - Across Banks'.

A fine of Rs 12.35 lakh has been slapped on Indiabulls Commercial Credit Limited, New Delhi for contravention of certain provisions of KYC Directions.