Regulatory8 May 2026, 09:11 pm
Yes Bank: RBI Imposes ₹31.8 Lakh Penalty for KYC Non-Compliance
AI Summary
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹31.80 Lakh on Yes Bank Limited for failing to implement a system of using KYC Identifiers assigned by the Central KYC Records Registry for establishing account-based relationships with customers. The penalty was imposed under sections 47A(1)(c) and 46(4)(i) of the Banking Regulation Act, 1949. Yes Bank has acknowledged the penalty and is hosting related information on its website.
Key Highlights
- RBI imposed a ₹31.80 Lakh penalty on Yes Bank.
- The penalty is for non-compliance with KYC identifier usage.
- Yes Bank failed to implement a system for KYC identifier usage.
- The penalty was imposed under the Banking Regulation Act, 1949.
- Yes Bank is hosting related information on its website.
Price Impact
More from YESBANK