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    Question

    The Reserve Bank has imposed a penalty of Rs 27.5 lakh

    on __________ for non-compliance with certain directions issued by it on external benchmark-based lending.
    A SBI Correct Answer Incorrect Answer
    B PNB Correct Answer Incorrect Answer
    C Punjab & Sind Bank Correct Answer Incorrect Answer
    D Bank of Baroda Correct Answer Incorrect Answer
    E HDFC Bank Correct Answer Incorrect Answer

    Solution

    The Reserve Bank has imposed a penalty of Rs 27.5 lakh on Punjab & Sind Bank for non-compliance with certain directions issued by it on external benchmark-based lending. A statutory examination of Punjab & Sind Bank revealed non-compliance with the directions, inter-alia, to the extent the bank linked certain floating rate retail loans and floating rate loans to micro and small enterprises, extended by it after October 1, 2019, to MCLR instead of an external benchmark.

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