Private sector lenders, ICICI Bank and Standard Chartered Bank have been fined with Rs 5 lakh each by the banking regulator, RBI.

ICICI Bank has been fined on grounds of violating the Knoow your Customer (KYC) norms while Standard Chartered's case says that the bank did not furnish information regarding a foreign currency loan facility.

"The RBI has imposed a penalty of Rs 5 lakh on ICICI Bank ... for violation of the guidelines on KYC/anti money laundering standards," RBI said.

According to a spokesperson from ICICI Bank, the violation has occured in case of a single account. "The violations referred to by the RBI were in respect of a single customer account, for opening of which the bank has obtained a government issued identity card (driving licence) and an introduction from an existing customer," the spokesperson said.

In case of Standard Chartered, RBI found that the bank had not let out the details regarding a foreign currency loan facility on time. The loan facility was arranged for its offshore special purpose vehicle.

We have received the RBI's notification. StanChart follows the highest standard of compliance in all its markets and will continue to do so," the bank said.