RBI imposes Rs 5 cr penalty on four PSU banks
Team Udayavani, Feb 14, 2019, 4:42 AM IST
Mumbai: The Reserve Bank on Wednesday imposed penalties of Rs 5 crore on four public sector banks including SBI and Corporation Bank for violation of various banking norms.
The monetary penalty on the banks has been imposed 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 restructuring of accounts, RBI said in a statement.
A penalty of Rs 2 crore has been imposed on Corporation Bank and Rs 1 crore each State Bank of India (SBI), Bank of Baroda and Union Bank of India.
The RBI, however, added the fines are 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.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
CBDT allows tax officials to waive or reduce interest due from assessee
Markets fall in early trade amid unabated foreign fund outflows
New software for fast-tracking project approvals: Karnataka Minister Patil
In-flight passengers can access WiFi services only when allowed, say new rules
SEBI mulls separation of non-regulated activities; ‘cross-default’ definition for debenture trustees
MUST WATCH
Latest Additions
Davanagere: Man murdered by relative for insurance money; 4 arrested within 24 hours
Heroin worth Rs 3.5 crore recovered in police raid in Delhi, 2 arrested
Govt clerk found dead in Tahsildar’s chamber, FIR filed against minister’s PA, 2 others
Treated Muslims like fuel for ‘lantern’: Prashant Kishor targets Lalu, asks upper castes to stay away from Nitish
MP Brijesh Chowta urges Kerala CM for strict action against attack on Edneer Swamiji’s vehicle
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.