RBI slaps penalty on 3 PSBs
Imposes Rs3.92-cr fine on SBI, Indian Bank, Punjab & Sind Bank for norms violation
RBI’s intervention in unsecured loans could hurt growth of banks, NBFCs
.Mumbai: The Reserve Bank of India (RBI) on Monday said it has imposed penalties on three state-owned banks, including SBI and Indian Bank, for violation of various regulatory norms.
A penalty of Rs1.3 crore has been imposed on the State Bank of India for non-compliance with certain directions issued by the RBI on ‘Loans and Advances – Statutory and Other Restrictions’ and ‘Guidelines on Management of Intra-Group Transactions and Exposures’, it said in a statement.
In another release, the RBI said a penalty of Rs1.62 crore has been imposed on Indian Bank for contravention of certain directions on ‘Loans and Advances – Statutory and Other Restrictions’, KYC, and ‘Reserve Bank of India (Interest Rate on Deposits) Directions, 2016’.
