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Mumbai, Sep 9 (PTI) The Reserve Financial institution has imposed penalties on three entities, together with Industrial Financial institution of Korea, for non-compliance with regulatory norms. A penalty of Rs 36 lakh has been imposed on Industrial Financial institution of Korea for non-compliance with sure Know Your Buyer (KYC) norms, the central financial institution mentioned in a press release on Friday.
In one other launch, it mentioned a penalty of Rs 59.10 lakh has been imposed on Woori Financial institution for non-compliance with RBI’s instructions on ‘Creation of a Central Repository of Giant Widespread Exposures – Throughout Banks’.
A high-quality of Rs 12.35 lakh has been slapped on Indiabulls Industrial Credit score Restricted, New Delhi for contravention of sure provisions of KYC Instructions.
The Reserve Financial institution, nonetheless, added that penalties are based mostly on the deficiencies in regulatory compliance and will not be meant to pronounce upon the validity of any transaction or settlement entered into by the entities with their prospects.
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