RBI imposed fine on PNB: RBI said in a release that the fine has been imposed on Punjab National Bank for non-compliance of certain provisions related to ‘interest rates on loans’ and ‘customer service in banks’. The central bank said in another release, Federal Bank has been penalized for violation of certain provisions of KYC norms.
RBI imposed fine on PNB: Reserve Bank of India (RBI) said it has imposed a fine of Rs 72 lakh on state-owned Punjab National Bank (PNB) and Rs 30 lakh on private sector Federal Bank for non-compliance of certain regulatory norms.
A fine of Rs lakh has been imposed. RBI has also imposed a fine of Rs 10 lakh on Mercedes-Benz Financial Services India Pvt Ltd (formerly known as Daimler Financial Services India Pvt Ltd) for non-compliance with certain provisions of the Know Your Customer (KYC) Directions, 2016. Fine has been imposed.
RBI said in a release that the penalty has been imposed on Punjab National Bank for non-compliance of certain provisions related to ‘interest rates on loans’ and ‘customer service in banks’. The central bank said in another release, Federal Bank has been penalized for violation of certain provisions of KYC norms.
Penalty imposed on these companies also
The Reserve Bank also said that ‘For non-compliance with certain provisions of the Non-Banking Financial Companies – Systemically Important Non-Deposit Taking Companies and Deposit Taking Companies (Reserve Bank) Guidelines, 2016’ For this, a fine of Rs 13.38 lakh has been imposed on Kosamattam Finance Limited, Kottayam.
The central bank said that in all cases, the penalty is based on deficiencies in regulatory compliance. It is not intended to affect the validity of any transaction or agreement entered into by entities with their customers.
