The Reserve Bank of India has imposed a monetary penalty of ₹2 crore on Corporation Bank and ₹1 crore each on Bank of Baroda, State Bank of India and Union Bank of India.
The central bank has imposed monetary penalty on 14 banks this month so far for violating various directions issued by it.
The penalty has been imposed on Corporation Bank, BoB, SBI and Union Bank for non-compliance with various directions issued on monitoring of end use of funds, exchange of information with other banks, classification and reporting of frauds, and on restructuring of accounts.
In the case of all these four banks, the RBI, in a statement, said: “These penalties have been imposed in exercise of powers vested in RBI under the provisions of …the Banking Regulation Act, 1949, taking into account failure of the above banks to adhere to the aforesaid directions issued by RBI.
“This action is based on deficiencies in regulatory compliance, and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.”
On Tuesday, the RBI said it has imposed monetary penalties on four banks – Allahabad Bank, Bank of Maharashtra and Indian Overseas Bank (₹1.50 crore each) and Andhra Bank (₹1 crore) for the reasons outlined above.
Along with the aforementioned banks, the central bank had also imposed a monetary penalty of ₹20 lakh each on HDFC Bank, IDBI Bank and Kotak Mahindra Bank for non-compliance with various directions issued by the RBI on Know Your Customer (KYC) norms / anti-money laundering (AML) standards.
On February 5, the RBI said it has imposed a monetary penalty of ₹2 crore each on UCO Bank and Axis Bank, and ₹1 crore on Syndicate Bank.
No comments:
Post a Comment