Question
How much fine has been imposed by the Reserve Bank of India on Punjab and Sind Bank for non-compliance with certain directions on 'Loans and Advances Statutory and Other Restrictions ?Â
Solution
The Reserve Bank of India has imposed a penalty on Dhanlaxmi Bank, Punjab & Sind Bank and ESAF Small Finance Bank for non-compliance of banking rules. It has levied Rs1.2 crore on private sector Dhanlaxmi Bank for three violations. Further, a fine of Rs 1 crore has been imposed on Punjab and Sind Bank for non-compliance with certain directions on 'Loans and Advances Statutory and Other Restrictions'. The central bank has also imposed a penalty of Rs 29.55 lakh on ESAF Small Finance Bank for non-compliance with the directions issued by it on 'Customer Service in Banks'.
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