MUMBAI: The Reserve Bank on Monday said it has imposed fines on three state-owned banks including SBI And Indian bankfor violation of various regulatory norms.
A fine of Rs 1.3 crore has been imposed on the National Bank of India for non-compliance with certain directions of the RBI on ‘Loans and advances – statutory and other restrictions’ and ‘Guidelines for management of intra-group transactions and exposures’, the RBI said in a statement.
In another release, the RBI said a penalty of Rs 1.62 crore has been imposed on the Indian bank for violation of certain directions in the areas of ‘Loans and advances – statutory and other restrictions’, KYC and ‘Reserve Bank of India ( interest on deposits) Directions, 2016’.
A monetary penalty of Rs 1 crore was imposed on Punjab & Sind Bank for non-compliance with certain provisions of the Depositor Education and Awareness Fund.
The RBI has also imposed a fine of Rs 8.80 lakh Fedbank Financial Services Limited for non-compliance with certain provisions of the directions on supervision of fraud in NBFCs.
The RBI, however, added that the penalties imposed on the banks and the NBFC are based on lapses in regulatory compliance and are not intended to adjudicate on the validity of any transaction or agreement entered into by them with their customers.
A fine of Rs 1.3 crore has been imposed on the National Bank of India for non-compliance with certain directions of the RBI on ‘Loans and advances – statutory and other restrictions’ and ‘Guidelines for management of intra-group transactions and exposures’, the RBI said in a statement.
In another release, the RBI said a penalty of Rs 1.62 crore has been imposed on the Indian bank for violation of certain directions in the areas of ‘Loans and advances – statutory and other restrictions’, KYC and ‘Reserve Bank of India ( interest on deposits) Directions, 2016’.
A monetary penalty of Rs 1 crore was imposed on Punjab & Sind Bank for non-compliance with certain provisions of the Depositor Education and Awareness Fund.
The RBI has also imposed a fine of Rs 8.80 lakh Fedbank Financial Services Limited for non-compliance with certain provisions of the directions on supervision of fraud in NBFCs.
The RBI, however, added that the penalties imposed on the banks and the NBFC are based on lapses in regulatory compliance and are not intended to adjudicate on the validity of any transaction or agreement entered into by them with their customers.
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