Mumbai: The Reserve Bank of India (RBI) has imposed Rs 72 lakh penalty on Punjab National Bank for non-compliance with certain provisions related to ‘interest rate on advances’ and ‘customer service in banks. The apex bank also imposed Rs 30 lakh fine on private sector lender Federal Bank for contravention of certain provisions of KYC norms.
The central bank imposed Rs 13.38 lakh penalty on Kosamattam Finance Ltd for non-compliance with certain provisions of the ‘Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’.
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The RBI has also imposed a penalty of Rs 10 lakh on Mercedes-Benz Financial Services India Private Ltd (formerly known as Daimler Financial Services India Private Ltd) for non-compliance with certain provisions of the Know Your Customer (KYC) Direction, 2016.
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