The Reserve Bank of India (RBI) has imposed a financial penalty on Punjab National Bank, Federal Bank Kosamattam Finance and Mercedes-Benz Financial Services. According to the RBI statement, a fine of Rs 72 lakh has been imposed on Punjab National Bank, Rs 30 lakh on Federal Bank, Rs 13.38 lakh on Kosamattam Finance and Rs 10 lakh on Mercedes-Benz Financial Services.
New Delhi. The Reserve Bank of India (RBI) on Friday said it has imposed financial penalty on Punjab National Bank, Federal Bank, Kosamattam Finance and Mercedes-Benz Financial Services for violating central bank norms. Come, let us know how much penalty has been imposed by RBI on these companies?
RBI imposed a fine of Rs.
According to the RBI statement, a penalty of Rs 72 lakh has been imposed on Punjab National Bank, Rs 30 lakh on Federal Bank, Rs 13.38 lakh on Kosamattam Finance and Rs 10 lakh on Mercedes-Benz Financial Services. This financial penalty has been imposed on all the companies due to their various shortcomings.
What is the reason?
Punjab National Bank has been fined for violations which include charging SMS charges on certain accounts despite maintaining invalid mobile numbers in the core banking solution, non-strict adherence to interest rates as per pre-announced schedule in several fixed deposit accounts and failing to specify interest reset date in MCLR linked loans.
Federal Bank has been penalized for issuing demand drafts of Rs 50,000 and above without including the name of the buyer on the draft. Kosamattam Finance has been penalized for not maintaining a loan-to-value ratio of 75 per cent in some loan accounts.
Additionally, Mercedes-Benz Financial Services India has been fined for not maintaining proper care of its customers and not updating Know Your Customer (KYC) information of its high-risk customers.
