The Reserve Bank of India has imposed penalties on 14 banks for non-compliance with certain provisions of directions issued by the RBI.
A scrutiny of the accounts of the companies of a group was carried out by the RBI. It was observed that the banks had failed to comply with provisions of one or more directions issued by RBI and/or contravened provisions of the Banking Regulation Act, 1949.
Notices were issued to the banks advising them to show cause as to why a penalty should not be imposed for non-compliance with the directions/contraventions of provisions of the Banking Regulation Act, 1949.
Replies were considered, and the RBI concluded that it warranted imposition of penalties on the aforementioned fourteen banks.
Names of the banks:
Bandhan Bank Ltd.
Bank of Baroda
Bank of Maharashtra
Central Bank of India
Credit Suisse AG
Indian Bank
IndusInd Bank Ltd.
Karnataka Bank Ltd.
Karur Vysya Bank Ltd.
Punjab and Sind Bank
South Indian Bank Ltd.
State Bank of India
The Jammu & Kashmir Bank Ltd. Utkarsh Small Finance Bank Ltd.
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RBI imposes monetary penalty on 14 banks for flouting provisions - India Today
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