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RBI imposes Rs 3.5 cr penalty on 3 PSU banks

Press Trust of India  |  Mumbai 

The Reserve Bank on Thursday said it has imposed Rs 3.5 crore penalties on three public sector banks, including and OBC, for violation of various norms.

The monetary penalty on the banks has been imposed for non-compliance with various directions issued by the RBI on monitoring of end use of funds, exchange of information with other banks, and on restructuring of accounts, the Reserve said in a statement.

A penalty of Rs 1.5 crore has been imposed on (OBC) and Rs 1 crore each on (PNB) and

The RBI, however, added that the fines have been imposed due to 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 14 2019. 19:00 IST
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