RBI Imposes Penalty On These 14 Banks For Violation Of Norms: Check Full List
NDTV
Reserve Bank of India imposed monetary penalties - ranging between Rs 50 lakh to Rs 2 crore, on 14 banks for violation of various rules, including one related to "Frauds Classification and Reporting"
The Reserve Bank of India (RBI) imposed monetary penalties - ranging between Rs 50 lakh to Rs 2 crore, on 14 banks including the State Bank of India (SBI), Punjab and Sind Bank, and Bandhan Bank, among others, for violation of various rules, including one related to "Frauds – Classification and Reporting". These 14 banks include private banks, public sector banks, co-operative banks, foreign banks, and also a small finance bank. (Also Read: Reserve Bank Of India Imposes Penalty Of ₹ 10 Crore On HDFC Bank ) The violations include non-compliance with certain provisions of directions issued by RBI on ‘Lending to Non-Banking Financial Companies (NBFCs)' ‘Bank Finance to Non-Banking Financial Companies (NBFCs)' and ‘Loans and Advances – Statutory and Other Restrictions', the central bank said in its statement. The action by the RBI is based on the deficiencies in regulatory compliance and will not affect the customer-related activities of any of these banks, such as the validity of any transaction. The RBI imposed a penalty of Rs 50 lakh on the State Bank of India - the country's largest lender, and Rs 2 crore on Bank of Baroda. A penalty of Rs 1 crore penalty has been imposed each on Bank of Maharashtra, Bandhan Bank, Credit Suisse AG, Central Bank of India, IndusInd Bank, Indian Bank, Karur Vysya Bank, Karnataka Bank, Punjab and Sind Bank, The Jammu & Kashmir Bank, South Indian Bank, and the Utkarsh Small Finance Bank.More Related News