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Reserve Bank of India Penalizes Axis Bank Ltd, HDFC Bank Ltd, ICICI Bank Ltd-DJ

Monday, 10 Jun 2013 09:36am EDT 

Dow Jones reported that India's central bank said June 10, 2013 it has imposed penalties on the country's three private-sector banks after it found that they have violated anti-money-laundering and customer-verification rules. The Reserve Bank of India imposed a fine of INR50 million ($860,00) on Axis Bank Ltd., INR45 million ($774,000) on HDFC Bank Ltd. and INR10 million ($172,000) on ICICI Bank Ltd.. The RBI said it scrutinized the books of these banks and evaluated the business processes at their headquarters and some branches in March and April following allegations that they had violated the rules. 

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