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The Reserve Financial institution on Friday stated it has imposed penalties totalling Rs 2.49 crore on three banks, together with Dhanlaxmi Financial institution and Punjab and Sind Financial institution, for contravention of regulatory norms.
A penalty of Rs 1.20 crore has been slapped on Dhanlaxmi Financial institution for non-compliance with sure instructions on ‘Loans and Advances Statutory and Different Restrictions’, KYC and sure norms associated to rate of interest on deposits, the Reserve Financial institution of India (RBI) stated.
Additional, a high-quality of Rs 1 crore has been imposed on Punjab and Sind Financial institution for non-compliance with sure instructions on ‘Loans and Advances Statutory and Different Restrictions’.
The central financial institution has additionally imposed a penalty of Rs 29.55 lakh on ESAF Small Finance Financial institution for non-compliance with the instructions issued by it on ‘Buyer Service in Banks’.
The penalties are primarily based on the deficiencies in regulatory compliance and will not be meant to pronounce upon the validity of any transaction or settlement entered into by the lenders with their prospects, in line with three separate statements issued by the RBI.
First Revealed: Jan 13 2024 | 12:12 AM IST
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