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RBI fines 4 PSU banks for deficiencies in regulatory compliance

Mumbai, Feb 13 : The Reserve Bank of India (RBI) has imposed penalties on four public sector banks for non-compliance of its various directions.

Corporation Bank of India has been asked to pay Rs 2 crore while State Bank of India, Bank of Baroda and Union Bank of India have been imposed a penalty of Rs 1 crore each, according to an official statement on Wednesday.

These banks breached RBI directions on monitoring of end-use of funds, exchange of information with other banks, classification and reporting of frauds, and on restructuring of accounts.

The penalties have been imposed under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act 1949, taking into account failure of the banks to adhere to directions issued by the RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers, said the central bank.

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RBI fines 4 PSU banks for deficiencies in regulatory compliance

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