Oct 10 (Reuters) - ING Vysya Bank Ltd :
* India's ING Vysya Bank - RBI imposed penalty of 5.5 million rupees
on co for contravention of kyc norms, aml standards
* Says "order is being studied and necessary remedial measures will be
initiated expeditiously"* Source text:
ING Vysya Bank Ltd has informed BSE that following a Speaking Order dated October 09, 2012 passed by the Executive Director of RBI, RBI has in exercise of powers vested with it under the provisions of Section 47A(1)(b) read with Section 46(4)(i) of the Banking Regulations act, 1949, imposed monetary penalties of Rs. 55 lakh on ING Vysya Bank Limited for contravention of various directions and instructions issued by RBI on KYC norms / AML Standards / Combating of Financing of Terrorism / PML Act, 2002. The Order is being studied and necessary remedial measures will be initiated expeditiously.
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