RBI: At present, RBI is adopting a tough stance towards private sector as well as government banks. In the last few days, the Reserve Bank of India has canceled the licenses of many private banks.
But you are getting information that RBI has imposed fine on some banks of the country, which is going to affect the customers also. In this list, RBI has imposed penalty on SBI, Punjab and Sindh Bank and Indian Bank for not following the regulatory norms properly.
On Monday, the Reserve Bank (RBI) has imposed a fine of Rs 1 crore 30 lakh on the State Bank of India (SBI). This penalty has been imposed by RBI for non-compliance of certain rules based on the instructions issued on ‘Loans and Advances – Statutory and Other Restrictions’ and ‘Guidelines for Management of Intra-Group Transactions and Exposures’.
Apart from this, RBI has also imposed a fine of about Rs 1 crore on Punjab and Sindh Bank for violating some rules of ‘Depositor Education and Awareness Fund Scheme’.
Along with this, the country’s central bank RBI has also imposed charges on Indian Bank for violating some rules of KYC, ‘Loans and Advances – Statutory and Other Restrictions and RBI (Interest Rate on Deposits) Instructions, 2016. As this fine, RBI has demanded Rs 1 crore 62 lakh from the bank.
Apart from this, RBI has also imposed a fine on Fed bank Financial Services Limited for not following some rules related to preventing frauds in NBFCs. The amount of this fine is said to be Rs 8,80,000.
What will be the impact on customers?
For your information, let us tell you that only those banks which are fined by RBI have to waive the fine. Customers are not responsible for this and the amount is not deducted from their account.
