Question
The Reserve Bank of India (RBI) has imposed a monetary
penalty on the State Bank of India (SBI), Punjab & Sind Bank, and Indian Bank owing to non-compliance with certain regulations.With respect to the given information,which of the following statements is/are true? I. SBI is penalized with Rs 1.30 crore due to lack of compliance with directions on 'Loans and Advances – Statutory and Other Restrictions' and 'Guidelines on Management of Intra-Group Transactions and Exposures'. II. Indian Bank is charged with Rs 1.99 crore for non-compliance with 'Loans and Advances – Statutory and Other Restrictions', along with 'Reserve Bank of India [Know Your Customer (KYC)] Directions, 2016' and 'Reserve Bank of India (Interest Rate on Deposits) Directions, 2016'. III. Punjab & Sind Bank has to pay a fine of Rs 1.5 crore for failing to comply with regulations on 'The Depositor Education and Awareness Fund Scheme, 2014–Section 26A of Banking Regulation Act, 1949–Operational Guidelines'.Solution
The Reserve Bank of India (RBI) has imposed a monetary penalty on the State Bank of India (SBI), Punjab & Sind Bank, and Indian Bank owing to non-compliance with certain regulations. SBI is penalised with Rs 1.30 crore due to lack of compliance with directions on 'Loans and Advances – Statutory and Other Restrictions' and 'Guidelines on Management of Intra-Group Transactions and Exposures'. Meanwhile, Indian Bank is charged with Rs 1.62 crore for non-compliance with 'Loans and Advances – Statutory and Other Restrictions', along with 'Reserve Bank of India [Know Your Customer (KYC)] Directions, 2016' and 'Reserve Bank of India (Interest Rate on Deposits) Directions, 2016'. Punjab & Sind Bank has to pay a fine of Rs 1 crore for failing to comply with regulations on 'The Depositor Education and Awareness Fund Scheme, 2014–Section 26A of Banking Regulation Act, 1949–Operational Guidelines'.
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