RBI imposes fine on 3 banks for non-compliances, check details
11 months, 1 week ago

RBI imposes fine on 3 banks for non-compliances, check details

Live Mint  

The Reserve Bank of India on 12 January imposed monetary penalties, of varying degrees, against ESAF Small Finance Bank, Dhanlaxmi Bank, and Punjab and Sind Bank over various non-compliances. A penalty of ₹1.20 crore has been slapped on Dhanlaxmi Bank for non-compliance with certain directions on 'Loans and Advances – Statutory and Other Restrictions', KYC, and certain norms related to the interest rate on deposits, the Reserve Bank of India said, adding, "This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47A read with Section 46 of the Banking Regulation Act, 1949. The central bank has also imposed a penalty of ₹29.55 lakh on ESAF Small Finance Bank for non-compliance with its directions on 'Customer Service in Banks'. Earlier on 11 January, RBI decided to waive the ₹5 crore penalty on state-owned lender Bank of Baroda that was previously imposed on it due to a shortfall in soiled note remittances.

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