The Reserve Bank of India (RBI) has imposed a total penalty of Rs 2.49 crore on three banks, including Dhanlaxmi Bank and Punjab & Sind Bank, for violation of regulatory norms. The central bank gave this information on Friday.
RBI said it has imposed a penalty of Rs 1.20 crore on Dhanlaxmi Bank for non-compliance with certain directions on ‘Loans and Advances – Statutory and Other Restrictions’, norms relating to KYC and interest rates on deposits.
Further, a penalty of Rs 1 crore has been imposed on Punjab & Sind Bank for non-compliance with certain directions on ‘Loans and Advances – Statutory and Other Restrictions’.
The central bank has also imposed a penalty of Rs 29.55 lakh on ESAF Small Finance Bank for non-compliance with the instructions issued on ‘Customer Service in Banks’.
