RBI fines 3 state-owned banks for violating rules, will have to pay a penalty of Rs 3.92 crore

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New Delhi, 25 September-2023, Monday

Banking sector regulator Reserve Bank of India - RBI has fined three major public sector banks. RBI has imposed monetary penalty on Indian Bank and Punjab and Sindh Bank including State Bank of India. These three banks have been fined for violating KYC norms in account opening and anti-money laundering norms.

SBI was fined Rs 1.30 crore

RBI has issued an order to State Bank of India on September 21-2023 and imposed a penalty of Rs 1.30 crore. SBI did not follow the Central Bank's guidelines on penalty loans and advances, which led to this penalty. The regulator has imposed this penalty under the powers conferred on it by the bank. The RBI has issued a notice to the bank following an inquiry into the financial position of the bank on 31-March-2021, in which the risk assessment report revealed several deficiencies. Meanwhile, more information was given by the bank after oral submissions in personal hearing after the bank responded to the RBI's notice, although the reply was unsatisfactory and it has been penalized.

1.62 crore penalty to Indian Bank

While Indian Bank has been slapped with a penalty of 1.62 crore rupees. The fine has been imposed after it was found that Indian Bank did not comply with KYC directives and violated RBI guidelines on deposits.

Punjab and Sindh Bank fined Rs 1 crore

RBI has imposed a penalty of Rs 1 crore on Punjab and Sindh Bank. The bank has been fined for violating the rules of the Banking Regulation Act in the matter of Depositor Education and Awareness Fund Scheme. RBI reviewed the financial position of the bank on 31-March-2021, in which Punjab and Sindh Bank was late in crediting money within the stipulated period under the Depositor Education and Awareness Fund Scheme, due to which RBI has decided to penalize the bank.

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