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      Question

      What was the penalty amount levied on IDFC First Bank

      for lapses in KYC compliance?
      A тВ╣25.00 lakh Correct Answer Incorrect Answer
      B тВ╣29.60 lakh Correct Answer Incorrect Answer
      C тВ╣38.60 lakh Correct Answer Incorrect Answer
      D тВ╣61.40 lakh Correct Answer Incorrect Answer
      E тВ╣45.80 lakh Correct Answer Incorrect Answer

      Solution

      IDFC First Bank was penalized тВ╣38.60 lakh by the RBI for KYC-related compliance failures , specifically for not conducting adequate due diligence for sole proprietorship current accounts . The RBI places strong emphasis on Know Your Customer (KYC) norms to prevent money laundering and fraud. This penalty followed the supervisory assessment (ISE 2023) and reaffirms RBIтАЩs scrutiny on KYC implementation in banks.

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