The
Reserve Bank of India (RBI) has imposed a monetary penalty on four public
sector banks for violating various norms. While Corporation Bank is fined Rs 02
crore penalty, State Bank of India, Bank of Baroda and Union Bank of India are
fined a penalty of Rs one crore each. “RBI
has imposed, monetary penalty for non-compliance with various directions issued
by RBI on monitoring of end-use of funds, exchange of information with other
banks, classification and reporting of frauds, and on the restructuring of accounts,â€
the banking regulator said. RBI
further added that the action is based on deficiencies in regulatory compliance
and is not intended to pronounce upon the validity of any transaction or
agreement entered into by the banks with their customers.
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RBI fines four PSBs
By IndianMandarins - 2019-02-14 11:18:59
The
Reserve Bank of India (RBI) has imposed a monetary penalty on four public
sector banks for violating various norms. While Corporation Bank is fined Rs 02
crore penalty, State Bank of India, Bank of Baroda and Union Bank of India are
fined a penalty of Rs one crore each.
“RBI has imposed, monetary penalty for non-compliance with various directions issued by RBI on monitoring of end-use of funds, exchange of information with other banks, classification and reporting of frauds, and on the restructuring of accounts,†the banking regulator said.
RBI further added that the action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.
