The Reserve Bank of India (RBI) has imposed a monetary penalty on Federal and Punjab National Bank for non-compliance with certain provisions of RBI.
Reetu | Nov 3, 2023 |
RBI imposes monetary penalty of Rs.102 Lakh on Federal Bank and Punjab National Bank
The Reserve Bank of India (RBI) has imposed a monetary penalty on Federal and Punjab National Bank for non-compliance with certain provisions of RBI.
A monetary penalty of Rs.30 lakh on Federal Bank Ltd. (the bank) for non-compliance with certain directions contained in ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’.
RBI also imposed a monetary penalty of Rs.72 lakh on Punjab National Bank (the bank) for non-compliance with certain provisions of ‘Reserve Bank of India (Interest Rate on Deposits) Directions, 2016’, ‘Reserve Bank of India (Interest Rate on Advances) Directions, 2016’ and ‘Master Circular on Customer Service in Banks’.
This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949.
This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
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