The Reserve Bank of India (RBI) monitors the operations of all the banks in the country. Whenever a bank ignores the rules and acts arbitrarily, RBI can impose a fine on it. In this connection, RBI said on Wednesday that it has imposed a fine on HDFC Bank and Punjab and Sind Bank for lack of compliance with the rules.
The central bank said in a statement that HDFC Bank has been fined Rs 75 lakh for not following some RBI instructions on 'Know Your Customer' (KYC). RBI said that Punjab and Sind Bank has been fined Rs 68.20 lakh for not following some instructions on 'Creation of a Central 'Repository' of Major Common Risks in Banks' and 'Financial Inclusion - Access to Banking Services - Basic Savings Bank Deposit Account (BSBDA)'.
KLM Exiva Finvest also fined Rs 10 lakh
The Reserve Bank has also imposed a fine of Rs 10 lakh on KLM Exiva Finvest for not complying with the requirements related to the declaration of dividends.
What will happen to the customers' money now?
However, RBI said that this fine is based on deficiencies in regulatory compliance. Its purpose is not to decide on the validity of any transaction or agreement made by the bank with its customers.
Disclaimer: This content has been sourced and edited from News 18 hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
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