RBI imposes penalty on PNB, Federal Bank, 2 other entities


PTI, Nov 4, 2023, 9:45 AM IST

Mumbai: The Reserve Bank on Friday said it has imposed a Rs 72 lakh penalty on state-owned Punjab National Bank and a Rs 30 lakh penalty on private sector Federal Bank for non-compliance with certain regulatory norms.

It has also imposed a penalty of Rs 10 lakh on Mercedes-Benz Financial Services India Private Ltd (formerly known as Daimler Financial Services India Private Ltd) for non-compliance with certain provisions of the Know Your Customer (KYC) Direction, 2016.

The penalty on Punjab National Bank has been imposed for non-compliance with certain provisions related to ‘interest rate on advances’ and ‘customer service in banks’, Reserve Bank of India (RBI) said in a release.

Federal Bank has been penalised for contravention of certain provisions of KYC norms, the central bank said in another release.

The RBI also said a monetary penalty of Rs 13.38 lakh has been imposed on Kosamattam Finance Ltd, Kottayam, for non-compliance with certain provisions of the ‘Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’.

In all cases, the central bank said penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

CAPF & special forces canine squad in France for Olympics venue security

Highly skilled recruitment must be exempted from K’taka job quota Bill: Kiran Mazumdar-Shaw

Heavy rains continue in Kerala, orange alert in 8 districts

Police fired at anti-Sterlite protestors at behest of industrialist: Madras High Court

Villagers block road in Kerala’s Wayanad demand justice for elephant attack victim

Minister Somanna visits Mangaluru Central Railway Station

Want the health benefits of strength training but not keen on the gym? Try ‘exercise snacking’

Related Articles More

IMF forecasts Indian growth rate at seven per cent in 2024

Scindia brainstorms with Ambani, Mittal, others to chart telecom growth roadmap

Byju’s faces insolvency proceedings for failure to pay Rs 158.9 cr to BCCI

Sensex, Nifty close at record high levels for third day in a row

Windfall tax on crude petroleum hiked to Rs 7,000/tonne

MUST WATCH

Tapta Mudra Dharana

Banana Farming

Aghnashini River

Dr. Rajkumar

Poisoning – Prevention


Latest Additions

CAPF & special forces canine squad in France for Olympics venue security

Karnataka HC grants bail to three accused in Gauri Lankesh murder case

Highly skilled recruitment must be exempted from K’taka job quota Bill: Kiran Mazumdar-Shaw

Stampede-like situation near Mumbai airport as thousands turn up for job vacancies

Heavy rains continue in Kerala, orange alert in 8 districts

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.