Mumbai: RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank
A penalty of Rs 1.3 crore has been imposed on the State Bank of India for non-compliance with certain directions issued by the RBI on 'Loans and Advances - Statutory and Other Restrictions' and 'Guidelines on Management of Intra-Group Transactions and Exposures', RBI said in a statement. In another release, the RBI said a penalty of Rs 1.62 crore has been imposed on Indian Bank for contravention of certain directions on 'Loans and Advances - Statutory and Other Restrictions', KYC, and 'Reserve Bank of India (Interest Rate on Deposits) Directions, 2016'.
Source: indiatimes.com