Legal UpdatesRBI

RBI imposes monetary penalty on 7 banks for non-compliance

RBI Updates

RBI imposes monetary penalty on following 7 banks for non-compliance :-
Sr. No Name of Bank Penalty amount (in ₹ Million)

1

Bank of Baroda

10

2

Corporation Bank

20

3

State Bank of India

10

4

Union Bank of India

10

5

Bank of India

10

6

Oriental Bank of Commerce

15

7

Punjab National Bank

10

The following banks did not comply with various directions on monitoring of end
 use of funds, exchange of information with other banks, classification and reporting of frauds, and on restructuring of accounts.
RBI highlights that all 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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