The Reserve Bank of India has imposed monetary penalty on the following two banks for violation of its instructions, among other things, on know your customer/anti money laundering Know Your Customer(KYC)/Anti Money Laundering (AML). The details of the penalty are: The penalties have been imposed in exercise of powers vested in the Reserve Bank under the provisions of Section 47(A)(1)( c ) read with Section 46(4)(i) of the Banking Regulation Act, 1949. Background The Reserve Bank of India (RBI) received a complaint from a reputed statutory organisation in August, 2013 through which the details of a fraud perpetrated in five banks, namely, State Bank of India, ICICI Bank Ltd., Bank of Baroda, Axis Bank Ltd. and State Bank of Patiala, with the connivance of certain officials of the statutory organisation were brought to the Reserve Bank's notice.