The Reserve Bank of India has slapped a fine of Rs 55 lakh on ING Vysya Bank and Rs 30 lakh on ICICI Bank for violations in know your customer (KYC) guidelines.

“The RBI imposed monetary penalties of Rs 55 lakh on ING Vysya Bank and Rs 30 lakh on ICICI Bank in exercise of the powers vested with it under the provisions of Section 47A(1)(b) read with Section 46(4)(i) of the Banking Regulation Act, 1949,” it said in a statement.

The RBI had issued show cause notices to these banks and in response thereto, the banks had submitted their written replies, the central bank said.