ICICI Bank slips nearly 3% on RBI penalty for KYC violations

ICICI Bank slips nearly 3% on RBI penalty for KYC violations
Shares of country's largest private sector lender ICICI Bank dipped nearly 3 per cent in early trade on Bombay Stock Exchange (BSE) after the Reserve Bank imposed a fine of Rs 1 crore for violation of KYC norms and anti-money laundering guidelines after inquiring into charges levelled by a online portal Cobrapost.

The central bank has also imposed a penalty of Rs 5 crore on Axis Bank, Rs 4.5 crore on HDFC Bank.

The RBI 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" (KYC) rules.

Weighed down by development, shares of bank declined as much 2.85 per cent to trade at Rs 1086.45 a piece on the BSE.

In a similar fashion, shares of the company were trading at 1,089.05 a piece, down 2.57 per cent on the National Stock Exchange (NSE).

Meanwhile, the broader benchmark Sensex was quoting at 19,325.77, down 115.30 points or 0.59 per cent at 10:06 hours.

Read more about: icici bank
Story first published: Tuesday, June 11, 2013, 12:43 [IST]
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