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RBI imposes Rs 5 cr penalty on four PSU banks

Press Trust of India  |  Mumbai 

The Reserve Bank on Wednesday imposed penalties of Rs 5 crore on four including and for violation of various norms.

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

A penalty of Rs 2 crore has been imposed on and Rs 1 crore each (SBI), and Union Bank of

The RBI, however, added the fines are based on 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: Wed, February 13 2019. 22:25 IST
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