Consider the following statements regarding the penalties imposed by RBI on certain banks-

I.The Reserve Bank has imposed a Rs 50 lakh penalty on state-owned Punjab National Bank for non-compliance with certain provisions related to 'interest rate on advances' and 'customer service in banks.

II. A Rs 45 lakh penalty on private sector Federal Bank has been imposed for contravention of certain provisions of KYC norms.

III. A monetary penalty of Rs 13.38 lakh has been imposed on Kosamattam Finance Ltd, Kottayam, for non-compliance with certain provisions of the 'Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016'.

Which of the following statements is/are correct ?

Solution

The Reserve Bank has imposed a Rs 72 lakh penalty on state-owned Punjab National Bank for non-compliance with certain provisions related to 'interest rate on advances' and 'customer service in banks.A Rs 30 lakh penalty on private sector Federal Bank has been imposed for contravention of certain provisions of KYC norms.  It has also imposed a penalty of Rs 10 lakh on Mercedes-Benz Financial Services India Private Ltd (formerly known as Daimler Financial Services India Private Ltd) for non-compliance with certain provisions of the Know Your Customer (KYC) Direction, 2016.  A monetary penalty of Rs 13.38 lakh has been imposed on Kosamattam Finance Ltd, Kottayam, for non-compliance with certain provisions of the 'Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016'.