PNB, four other banks fined for violating RBI norms

MUMBAI: As many as five banks including the public sector Punjab National Banks (PNB) were pulled up by Reserve Bank of India (RBI) for various lapses and penalized during first week of July.

PNB had to listen the music of the central bank of the country “ for non-compliance with RBI directions regarding ‘Loans and Advances: Statutory and Other Restrictions’ and the ‘Reserve Bank of India (Know Your Customer (KYC) Direction, 2016.”

For the lapse, RBI by an order dated July 3, 2024, imposed a monetary penalty of Rs1,31,80,000 on Punjab National Bank

The Gujarat Rajya Karmachari Co-operative Bank, Gujarat; The Rohika Central Co-operative Bank, Madhubani, Bihar; The National Co-operative Bank, Mumbai, Maharashtra; and The Bank Employees’ Co-operative Bank, West Bengal were the four other banks which were fined by the RBI.