New Delhi: reserve Bank of India ,reserve Bank of India) imposed a fine of Rs 1.45 crore Central Bank Of India And Rs 96.4 lakh. Sonali Bank PLC for non-compliance. These penalties announced on Friday relate to the following issues Loans and AdvancesCustomer protection, and Know Your Customer (KYC) norms.
RBI conducts a statutory inspection Supervisory Evaluation (ISE 2022) Based on financial position as on March 31, 2022.RBI said in a press release, “After considering the bank's reply to the notice, oral submissions made during the personal hearing and additional submissions made by it, RBI found that the following allegations against the bank were substantiated, which warrant imposition of monetary penalty.”
After reviewing the bank's response, RBI found that the allegations against Central Bank of India were true. The bank had sanctioned a working capital demand loan to a corporation against the amount it received from the government as subsidy. Additionally, the bank failed to credit the amount involved in certain cases of unauthorized electronic transactions to the customers' accounts within the stipulated time.
In another press release, RBI said that a penalty of Rs 96.4 lakh has been imposed on Sonali Bank PLC for non-compliance of certain norms including KYC Directions, 2016.
RBI also said, “This action is based on deficiencies in statutory and regulatory compliance and is not intended to call into question the validity of any transaction or agreement entered into by the bank with its customers. Further, the imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.”
RBI conducts a statutory inspection Supervisory Evaluation (ISE 2022) Based on financial position as on March 31, 2022.RBI said in a press release, “After considering the bank's reply to the notice, oral submissions made during the personal hearing and additional submissions made by it, RBI found that the following allegations against the bank were substantiated, which warrant imposition of monetary penalty.”
After reviewing the bank's response, RBI found that the allegations against Central Bank of India were true. The bank had sanctioned a working capital demand loan to a corporation against the amount it received from the government as subsidy. Additionally, the bank failed to credit the amount involved in certain cases of unauthorized electronic transactions to the customers' accounts within the stipulated time.
In another press release, RBI said that a penalty of Rs 96.4 lakh has been imposed on Sonali Bank PLC for non-compliance of certain norms including KYC Directions, 2016.
RBI also said, “This action is based on deficiencies in statutory and regulatory compliance and is not intended to call into question the validity of any transaction or agreement entered into by the bank with its customers. Further, the imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.”