The Reserve Bank of India (RBI) asked banks to strictly adhere to customer identification and anti-money laundering rules for walk-in customers when selling insurance, mutual fund, gold and any other products above Rs 50,000.
"It is reiterated that banks should meticulously follow the instructions in letter and spirit and ensure that violations of the above nature do not recur. Such violations would be viewed seriously by the Reserve Bank and would involve imposition of penalties," the RBI said in its release.