RBI Levies Rs 2.49 Cr Fine On Three Banks
The Reserve Bank, on Friday, said in that it has imposed penalties totalling Rs 2.49 crore on three banks for violating regulatory norms. The three banks namely include Dhanlaxmi Bank, Punjab and Sindh Bank and ESAF Small Finance Bank.
Dhanlaxmi Bank has been fined Rs 1.20 crore for non-compliance with certain guidelines on 'Loans and Advances - Statutory and Other Restrictions', as well as KYC and interest rates on deposits. Similarly, Punjab and Sind Bank has been fined Rs 1 crore for non-compliance with specific directions on 'Loans and Advances - Statutory and Other Restrictions'.
The Reserve Bank of India has also imposed a penalty of Rs 29.55 lakh on ESAF Small Finance Bank for failing to comply with its directives on 'Customer Service in Banks'. The penalties are not intended to question the legality of any agreement between the lenders and their customers. Three separate statements issued by the RBI clarify that these penalties are based on regulatory compliance deficiencies.
