RBI fines Axis, HDFC, ICICI banks for rule violations

The Reserve Bank of India on Monday said it had imposed penalties on Axis Bank, HDFC Bank and ICICI Bank for violating guidelines related to details of customer identity known as "know your customer" rules.

The central bank

investigated the banks following an investigation by independent news website Cobrapost, which had alleged widespread money laundering practices at their branches.

The RBI said it had not found initial evidence of money laundering against the three banks.

Axis Bank was fined Rs 50 million, HDFC Bank Rs 45 million and ICICI Bank, the country's second-largest lender, Rs 10 million.