Heavy Fines for the banks those who Infringe the rule : A violation of Rs.1crore

A fine of one million rupees for banks, a punishable offense for those who violate the legal norms, the Reserve Bank has announced. 
The amendment bill was passed on the Banking Regulation Act, section 46. It is published in the government gazette and the new rules will be passed soon immediately. So far, Rs 5 lakh was fined among banks those who infringe the rules. But now it has been increased to 1 crore rupees. 

Accordingly, banks who violate the KYC (Know your customer) norms will be penalized immediately.  

JP Morgan Bank which has only one branch in Mumbai has been penalized Rs.5lakh for violating the KYC norms. Similarly, ICICI bank has also been charged Rs.30lakh for violating the KYC norms. Moreover, ING Vysya Bank paid a fine of 55 million rupees. Similarly, Axis Bank, HDFC Bank, Kottak Mahindra Bank, Yes Bank has been penalizes each of Rs.15 lakh. Citi Bank, PNB, State Bank of India, The Royal Bank of Scotland, Standard Chartered Bank has also been fined of Rs.5lakh for violating the norms.