New Delhi: The RBI has fined seven banks on account of the demat scam as well on defaulting on the 'know your customer' norms, some banks have also been fined for flouting prudent banking practices.
The banking regulator has finally moved in to punish banks found guilty in the IPO scam, unearthed by stock market regulator SEBI.
RBI has imposed fines on seven banks including Bharat Overseas Bank, Citi Bank, HDFC Bank, ICICI Bank, Stanchart, Indian Overseas Bank and Vijaya Bank.
While some banks were fined for not following the 'know your customer' norms, and providing IPO finance for in-eligible borrowers, others were fined for flouting prudent banking practicies such as crediting account payee cheques to brokers instead of the individual accounts.
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