MUMBAI: The RBI has imposed penalties on three state-owned banks, including SBI and Indian Bank, for violation of regulatory norms. A penalty of Rs 1.3 crore has been imposed on SBI for non-compliance with certain directions issued by RBI on loans, the central bank said in a statement.
In another release, RBI said a Rs 1.6-crore penalty has been imposed on Indian Bank for contravention of certain directions on loans and KYC.
Additionally, a Rs 1-crore fine has been slapped on Punjab & Sind Bank for non-compliance with some provisions of the depositor education and awareness fund scheme.
RBI has also imposed a Rs 8.8-lakh penalty on Fedbank Financial Services for non-compliance with certain provisions of the directions on monitoring fraud in NBFCs. It, however, added that the penalties on the banks and the NBFC are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by them with their customers.
In another release, RBI said a Rs 1.6-crore penalty has been imposed on Indian Bank for contravention of certain directions on loans and KYC.
Additionally, a Rs 1-crore fine has been slapped on Punjab & Sind Bank for non-compliance with some provisions of the depositor education and awareness fund scheme.
RBI has also imposed a Rs 8.8-lakh penalty on Fedbank Financial Services for non-compliance with certain provisions of the directions on monitoring fraud in NBFCs. It, however, added that the penalties on the banks and the NBFC are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by them with their customers.