The Reserve Bank of India has imposed penalties of 55 lakh rupees on ING Vysya Bank Ltd. and 30 lakh rupees on ICICI Bank Ltd. The penalties have been imposed on these banks for offences such as failures to obtain adequate documents for opening accounts, and delay in filing the Suspicious Transaction Reports. The RBI had issued Show Cause Notices to them and in response the banks had submitted their written replies. On a careful examination of the banks’ written replies and the oral submissions made during the personal hearings, the RBI found that the violations were established and the penalties were accordingly imposed.