RBI imposes Rs 2.49 crore penalty on 3 banks including Punjab & Sind!
Banking & Finance
The Reserve Bank has imposed penalties totalling Rs 2.49 crore on three banks, including Dhanlaxmi Bank and Punjab and Sind Bank, for contravention of regulatory norms. A penalty of Rs 1.20 crore has been slapped on Dhanlaxmi Bank for non-compliance with certain directions on 'Loans and Advances Statutory and Other Restrictions', KYC and certain norms related to interest rate on deposits.
Further, a fine of Rs 1 crore has been imposed on Punjab and Sind Bank for non-compliance with certain directions on 'Loans and Advances Statutory and Other Restrictions'.
The Reserve Bank on Friday said it has imposed penalties totalling Rs 2.49 crore on three banks, including Dhanlaxmi Bank and Punjab and Sind Bank, for contravention of regulatory norms.
A penalty of Rs 1.20 crore has been slapped on Dhanlaxmi Bank for non-compliance with certain directions on 'Loans and Advances Statutory and Other Restrictions'
About Reserve Bank Of India:
Governor: Shaktikanta Das
Founded: 1 April 1935, Kolkata, Headquarters: Mumbai, Maharashtra, India
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