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RBI levies penalty on Yes Bank for violating money transfer norms

The Reserve Bank of India (RBI) has levied penalty of Rs 11.25 lakh on Yes Bank for violating money transfer norms. The RBI has identified certain violations of its circular of 2011 on Domestic Money Transfer – Relaxations and master directions issued in October 2017 on issuance and operation of prepaid payment instruments in connection with certain product features for an open loop prepaid card (co-branded) previously issued by the bank.

Yes Bank is engaged in providing banking services, including corporate and institutional banking, financial markets, investment banking, corporate finance, branch banking, business and transaction banking, and wealth management.

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