The Reserve Bank of India (RBI) has imposed fine on three public sector banks including SBI and Indian Bank for violation of several regulatory norms. RBI has issued a statement giving this information on Monday (September 25).
RBI said it imposed a penalty of Rs 1.3 crore on State Bank of India (SBI) for non-compliance with certain instructions issued on 'Loans and Advances Statutory and Other Restrictions' and 'Guidelines on Management of Intra-Group Transactions and Exposures'.
RBI further said that it has imposed a penalty of Rs 1.62 crore on Indian Bank for violation of certain directions on 'Loans and Advances Statutory and Other Restrictions', KYC and 'Reserve Bank of India (Interest Rate on Deposit) Guidelines-2016'.
A monetary penalty of Rs 1 crore has been imposed on Punjab and Sindh Bank for non-compliance with some provisions of the Depositor Education and Awareness Fund Scheme.
Apart from this, RBI has also imposed a penalty of Rs 8.80 lakh on FedBank Financial Services Limited for non-compliance with certain provisions of the directions on monitoring of frauds in NBFCs. RBI said that this penalty has been imposed on banks and NBFCs due to non-compliance of regulatory rules.
