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“RBI PENALTIES SURGE 88%, KYC AND AML VIOLATIONS DOMINATE”

Why in the news? The Reserve Bank of India (RBI) has increased penalties by 88% in the past three years, focusing on Know Your Customer (KYC) and Anti-Money Laundering (AML) violations. Urban and rural co-operative banks are the most frequent violators, paying substantial fines for non-compliance. source:investopedia About Reserve Bank of India: Role: RBI is …

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