New Delhi: The Reserve Bank has slapped penalties on nine commercial banks, including State bank of India, Punjab National Bank and Bank of Baroda, for a host of violations, including delay on the reporting of fraud in the account of Kingfisher Airlines in case of two lenders.
The nine lenders in separate regulatory filings said that the penalties have been imposed on them for delay in reporting of frauds.
Public sector lender Punjab National Bank (PNB) said the RBI has imposed a penalty of Rs 50 lakh on it for delay in reporting of fraud in the account of Kingfisher Airlines.
Another state-run lender Oriental Bank of Commerce said that the RBI has imposed a fine of Rs 1.5 crore on it for delay in reporting fraud in the account of Kingfisher Airlines.
The aforesaid penalty is required to be paid within 14 days from the date of receipt of the RBI order, the bank added.
United Bank of India and Punjab & Sind Bank said they have been fined 1 crore each by the RBI.
State Bank of India (SBI) said the RBI imposed a penalty of Rs 50 lakh on it for non-compliance relating to reporting of frauds.
The RBI in exercise of the powers conferred under various sections of the Banking Regulations Act, has imposed a penalty of Rs 50 lakh on the bank for non-compliance with its directions relating to reporting of frauds, it said in a filing.
03/08/19 PTI/News18.com
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The nine lenders in separate regulatory filings said that the penalties have been imposed on them for delay in reporting of frauds.
Public sector lender Punjab National Bank (PNB) said the RBI has imposed a penalty of Rs 50 lakh on it for delay in reporting of fraud in the account of Kingfisher Airlines.
Another state-run lender Oriental Bank of Commerce said that the RBI has imposed a fine of Rs 1.5 crore on it for delay in reporting fraud in the account of Kingfisher Airlines.
The aforesaid penalty is required to be paid within 14 days from the date of receipt of the RBI order, the bank added.
United Bank of India and Punjab & Sind Bank said they have been fined 1 crore each by the RBI.
State Bank of India (SBI) said the RBI imposed a penalty of Rs 50 lakh on it for non-compliance relating to reporting of frauds.
The RBI in exercise of the powers conferred under various sections of the Banking Regulations Act, has imposed a penalty of Rs 50 lakh on the bank for non-compliance with its directions relating to reporting of frauds, it said in a filing.
03/08/19 PTI/News18.com
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