RBI New Penalty: RBI has imposed penalty on public sector State Bank of India (SBI), Indian Bank and Punjab & Sind Bank for not following the provisions related to the guidelines.
RBI Penalty: Reserve Bank of India (RBI) has imposed a huge penalty on three public sector banks due to ignoring the rules. Big names are included among the banks which have been fined. RBI has imposed penalty on public sector State Bank of India (SBI), Indian Bank and Punjab & Sind Bank for not following the provisions related to the guidelines.
SBI fined Rs 1.3 crore
The central bank has imposed a fine of Rs 1.3 crore on the country’s largest public sector bank SBI. This monetary penalty has been imposed for non-compliance with certain provisions of ‘Loans and Advances Statutory and Other Restrictions’ and instructions issued on intra-group transactions and management of loans.
This much fine imposed on Indian Bank
In another statement, RBI said that Indian Bank (RBI) has been penalized for non-compliance with certain provisions of ‘Loans and Advances Statutory and Other Restrictions’, KYC and Reserve Bank of India (Interest Rates on Deposit) Directions, 2016. Indian Bank) has been fined Rs 1.62 crore.
Apart from this, a fine of Rs 1 crore has been imposed on Punjab & Sind Bank. This penalty has been imposed for non-compliance with some provisions of the Depositors Education and Awareness Fund Scheme.
A fine of Rs 8.80 lakh was imposed on this NBFC
The central bank has appointed Fedbank Financial Services Ltd. (Fedbank Financial Services) has also been imposed a fine of Rs 8.80 lakh. Fines have been imposed for non-compliance with some provisions related to preventing fraud in non-banking finance companies (NBFCs). This decision of RBI will not affect the bank customers.
