Mumbai: The Reserve Bank of India (RBI) has imposed penalties totalling Rs 2.49 crore on three banks, including Dhanlaxmi Bank and Punjab and Sind Bank. The fine was imposed for contravention of regulatory norms.
A penalty of Rs 1.20 crore has been imposed on Dhanlaxmi Bank for non-compliance with certain directions on ’Loans and Advances – Statutory and Other Restrictions’, KYC and certain norms related to interest rate on deposits.
A fine of Rs 1 crore has been imposed on Punjab and Sind Bank for non-compliance with certain directions on ‘Loans and Advances – Statutory and Other Restrictions’.
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The central bank has also imposed a penalty of Rs 29.55 lakh on ESAF Small Finance Bank for non-compliance with the directions issued by it on ’Customer Service in Banks’.
The penalties are based on the deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the lenders with their customers, according to three separate statements issued by the RBI.
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