13 Feb RBI imposes Rs 5 crore penalty on four PSU banks- Enterprise Information
The Reserve Financial institution of India on Wednesday imposed penalties of Rs 5 crore on 4 public sector banks together with SBI and Company Financial institution for violation of assorted banking norms.
The financial penalty on the banks has been imposed for non-compliance with varied instructions issued by RBI on monitoring of finish use of funds, trade of data with different banks, classification and reporting of frauds, and on restructuring of accounts, RBI mentioned in an announcement.
A penalty of Rs 2 crore has been imposed on Company Financial institution and Rs 1 crore every State Financial institution of India (SBI), Financial institution of Baroda and Union Financial institution of India.
The RBI, nevertheless, added the fines are based mostly on deficiencies in regulatory compliance and isn’t meant to pronounce upon the validity of any transaction or settlement entered into by the banks with their prospects.