Reserva Bank of India fines PNB, Federal Bank, two other entities
[ad_1]
Mumbai The Reserve Bank of India on Friday said it has imposed a penalty of Rs 72 lakh on state-owned Punjab National Bank and Rs 30 lakh on private sector Federal Bank for non-compliance with certain regulatory norms. It also imposed a fine of Rs 10 lakh on Mercedes-Benz Financial Services India Pvt Ltd (formerly known as Daimler Financial Services India Pvt Ltd) for non-compliance with certain provisions of the Know Your Customer (KYC) Directions, 2016. Fine has been imposed.
The RBI said in a release that the penalty has been imposed on Punjab National Bank for non-compliance with certain provisions related to interest rates on loans and customer service in banks. Federal Bank has been penalized for violation of certain provisions of KYC norms, the central bank said in another release.
The Reserve Bank also said Kosamattam Finance Ltd, Kottayam, has been fined for non-compliance with certain provisions of the Non-Banking Financial Companies – Systemically Important Non-Deposit Taking Companies and Deposit Taking Companies (Reserve Bank) Guidelines, 2016. A fine of Rs 13.38 lakh has been imposed. The central bank said that in all cases, the penalty is based on deficiencies in regulatory compliance. It is not intended to affect the validity of any transactions or agreements entered into by entities with their customers.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
[ad_2]
Source link
