NEW DELHI: The RBI on Monday imposed fines totalling Rs 49.5 crore on 22 private and public sector banks including SBI, PNB and Yes Bank for violating know your customer/anti-money laundering norms. It also gave cautionary letters to seven including Citibank and Stanchart following an expose made by an online portal.

“After considering the facts of each case…Reserve Bank came to conclusion that some of the violations were substantiated and warranted imposition of monetary penalty…” the central bank said in a statement.

A penalty of Rs 3 crore each has been imposed on State Bank of India (SBI), Bank of India,Canara Bank, Bank of Baroda, Central Bank of India, Indian Overseas Bank and Federal Bank.

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