Mumbai, Sep 9 (PTI) Reserve Bank Three entities, including Industrial Bank of Korea, have been fined for non-compliance with regulatory norms. has been fined Rs 36 lakh Industrial Bank of Korea The central bank said in a statement on Friday that for non-compliance of Know Your Customer (KYC) norms.

In another release, it said a fine of Rs 59.10 lakh has been imposed Woori Bank for non-compliance reserve Bank of IndiaDirection on ‘Creation of Central Reserve of Large Common Exposure to All Banks’.

has been fined Rs 12.35 lakh on Indiabulls Commercial Credit LimitedFor contravention of certain provisions of New Delhi KYC Instructions,

The Reserve Bank, however, said the penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by entities with their customers.