RBI imposes penalty of up to Rs 2 cr on 14 banks for non-compliance

The Reserve Bank of India (RBI) on Wednesday imposed a monetary penalty on 14 banks, including State Bank of India (SBI), Bandhan Bank, IndusInd Bank, Bank of Baroda (BoB), Central Bank for non-compliance with certain provisions of directions issued by them. The penalty ranges from Rs 50 lakh to Rs 2 crore, with SBI being charged Rs 50 lakh and BoB Rs 2 crore. 

“This action is based on the 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,” the RBI said in a statement.