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"HAPPY BIRTHDAY-13TH OCTOBER 2017(FRIDAY) JASWINDER PAL SINGH SENIOR SPL ASSISTANT DON KALAN Jag Bhushan SR. ASST. (BANKING) AMBALA CANTT Jag Bhushan SR. ASST. (BANKING) AMBALA CANTT Om Parkash Sikri DEPUTY MANAGER ISMAILA BALDEV RAJ Addl. Associate 1 HANSLI BRIDGE, BATALA Ramesh Kumar SR. ASST. (BANKING) SME BRANCH, CHANDIGARH VEENA PACHPORE Addl. Associate 1 SEC 35-C, CHANDIGARH Ashok Kumar Goyal DEPUTY MANAGER ZONAL OFFICE HARYANA-GENERAL BANKING Kuldeep Kumar Sharma DEPUTY MANAGER ZONAL OFFICE JAMMU Jaswinder Singh SENIOR SPL ASSISTANT TRIPRI PATIALA Dalbir Singh SR. ASST. (BANKING) UDHAMPUR Ambika Chugh ASSISTANT MANAGER AMBALA CITY Sushma Gupta SR. ASST. (BANKING) CHANDI MANDIR Sushma Gupta SR. ASST. (BANKING) CHANDI MANDIR Parveen Kumar Sharma ASST. GEN. MANAGER NRI JULLUNDER HEM SINGH Addl. Associate 1 KASAULI MANJINDER SINGH RANDHAWA ASSISTANT MANAGER ANAJ MANDI, SIRHIND MANDI ASHUTOSH JAIN Addl. Associate 1 ADB MALERKOTLA DEEP CHAND MANAGER LOHAKA Raj Kumar Bhagat DEPUTY MANAGER BHOGPUR SATISH KUMAR Addl. Associate 1 AMBALA ROAD, ISMAILABAD SATISH KUMAR Addl. Associate 1 AMBALA ROAD, ISMAILABAD MUNISH BALI Addl. Associate 1 BANKING OPERATIONS DEPARTMENT-HEAD OFFICE PATIALA Nitin Soni DEPUTY MANAGER ZONAL OFFICE HARYANA-GENERAL BANKING SANJEEV BHATIA ASSISTANT MANAGER BEESLA Sudhir Kumar DEPUTY MANAGER REWARI Gurupdesh Kaur CUST. ASST. (BANKING) ROPAR PAYAL MEHTA Addl. Associate 1 GHUMAR MANDI, LUDHIANA AMIT RAJ DEPUTY MANAGER HO PATIALA -OUTREACH/FINACIAL INCLUSION DEPTT Nitin Sharma DEPUTY MANAGER(S) ROHRU AMRITA DEEPAK Addl. Associate 2 JALANDHAR ZONAL OFFICE-RO-I JALANDHAR -ADMIN JASWANT SINGH ASSISTANT MANAGER S.A. JAIN COLLEGE, AMBALA CITY Vikas Goyal CUST. ASST. (BANKING) MANSA PANKAJ KUMAR TAMTA DEPUTY MANAGER NOORMAHAL ROAD ,PHILLAUR SIMRANJEET SINGH CUST. ASST. (BANKING) SPECIALISED AGRI COMM BR, PATIALA AVINASH KUMAR Addl. Associate 1 ABLU RIGZIN GURMETH ASSISTANT MANAGER ALSINDI Deepshikha . CLERICAL - ON PROB. MOHALI (S.A.S. NAGAR) Rohit Dutta CUST. ASST. (BANKING) NEAR KHUSHI TRADES, SECTOR-11, PANCHKULA ANKIT . ASST. (BANKING) N.G.M. JIND Rohit Dutta CUST. ASST. (BANKING) NEAR KHUSHI TRADES, SECTOR-11, PANCHKULA ANKIT . ASST. (BANKING) N.G.M. JIND SUNIL KUMAR ASST. (BANKING) GHAGA Sandeep Dhillon ASSISTANT MANAGER AMRITSAR Ram . Kishan CUST. ASST. (BANKING) NAKODAR ROAD, JALANDHAR Amandeep Sharma CLERICAL - ON PROB. NANGAL BHUR *** table>

Monday, 9 March 2015

Zero tolerance policy on flouting KYC norms in the offing

Banks to face operational curbs, higher penalty for non-compliance

The Reserve Bank of India (RBI) is likely to adopt a zero tolerance policy on Know Your Customer (KYC) and Anti-Money Laundering (AML) norms. The move follows a series of violation of norms by banks, which were identified by the in the recent past.

The regulator also feels that the quantum of penalties for such violations is small. It is currently looking at a proposal to increase this.

Another proposal is to put operational curbs such as not allowing a bank to disburse loans for three months or not allowing them to take part in treasury operations for a limited period. Branch expansion is another area where restrictions could be imposed. The central bank discussed these issues at a recent meeting with chief compliance officers of several south and western India-based banks.

“At present, a small violation of KYC/AML is overlooked by the central bank during inspection. Now, they are saying even if a bank is 99 per cent compliant, one per cent non-compliance will attract penalties. It will be a zero tolerance policy,” said a senior official with a public sector bank.

could also see the monetary penalty rising sharply from the present Rs 5 lakh per violation. Earlier, the thinking in the central bank was to ‘name and shame’ errant banks, rather than impose a heavy penalty.

In 2013, the Banking Regulation Act was amended and gave powers to RBI to impose a penalty of Rs 1 crore for a single violation.

One of the biggest violations of KYC/AML norms by banks was exposed in a sting operation by investigative media portal Cobrapost in 2013. After investigating the allegations made by the portal, the RBI imposed a total fine of Rs 50 crore on 22 banks. In December last year, the central bank imposed a penalty of Rs 50 lakh on ICICI Bank and Rs 25 lakh on Bank of Baroda for KYC/AML violations. RBI also warned three other banks — State Bank of India, Axis Bank and State Bank of Patiala — to put in place appropriate measures and review these from time to time to ensure strict compliance of rules.

Again in August 2013, the RBI fined six banks — Allahabad Bank, Bank of Maharashtra, Corporation Bank, Dena Bank, IDBI Bank and Indian Bank — for violating such norms. Before imposing a fine, RBI serves a showcause notice to the banks. A fine is imposed only if the regulator is not satisfied with the bank’s reply.

BRINGING DOWN THE HAMMER
  • Zero tolerance policy on Know Your Customer and Anti-Money Laundering norms to be adopted after a series of violations
     
  • Reserve Bank of India to increase the quantum of penalties for such violations
     
  • Proposal to put operational curbs on banks; restrictions on branch expansion likely to be imposed
     
  • Monetary penalty likely to rise from the present level of Rs 5 lakh per violation

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