RBI Penalty: The Reserve Bank of India has imposed a total penalty of Rs 2.49 crore against ESAF Small Finance Bank, Dhanlaxmi Bank and Punjab and Sindh Bank for various non-compliances.
RBI Penalty: On January 12, the Reserve Bank of India (RBI) penalized ESAF Small Finance Bank, Dhanlaxmi Bank and Punjab and Sind Bank for various non-compliances. A total penalty of Rs 2.49 crore has been imposed against him.
How much penalty was imposed
The Reserve Bank has imposed a penalty of Rs 1 crore on Punjab and Sind Bank. RBI imposed fine on Punjab and Sindh Bank for giving loan to a company against the rules.
The central bank imposed a penalty of Rs 1.20 crore on Dhanlaxmi Bank. A fine of ₹1.20 crore has been imposed on Dhanlaxmi Bank for non-compliance with certain directions on statutory and other restrictions, KYC and certain norms related to interest rates on loans and advances. RBI said, this penalty has been imposed in exercise of the powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
At the same time, a penalty of ₹ 29.55 lakh was imposed on ESAF Small Finance Bank. The central bank fined ESAF Small Finance Bank for non-compliance with its directions on ‘Customer Service in Banks’. The RBI said the action against these banks was taken on the basis of deficiencies in regulatory compliance and was not intended to affect the validity of any transaction or agreement entered into by the bank with its customers.
