In these three cases, the central bank imposes fines based on defects in regulatory compliance rather than aiming to declare the validity of any transaction or agreement between the bank and its clients.
The Reserve Bank of India said it has imposed fines on Kotak Mahindra Bank, IDFC First Bank and the Punjab National Bank (PNB) to involve certain shortcomings in regulatory compliance. Overall, the central bank imposed a fine of Rs 1.22 crore on the three banks. The Reserve Bank of India (RBI) said in a statement that the fine was Rs 61.4 lakh, imposing a fine of Rs 61.4 lakh on Kotak Mahindra Bank to violate certain instructions “Guidelines for the lending system to deliver bank credit” and “loans and loans and loans and other restrictions”. The Reserve Bank of India said in another statement that it had imposed a fine of Rs 3.86 lakh on IDFC First Bank to violate certain instructions of “Know Your Customer (KYC)”.
The Punjab National Bank sentenced a fine of Rs 29.6 lakh because the bank did not comply with certain instructions from the Reserve Bank of India on “Bank Customer Service”. In these three cases, the central bank imposes fines based on defects in regulatory compliance rather than aiming to declare the validity of any transaction or agreement between the bank and its clients.
(This story has not been edited by DNA staff and published from PTI in addition to the title)
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