There is important news for the customers of PNB (Punjab National Bank) and BoI (Bank of India). Reserve Bank of India has imposed a fine of Rs 6 crore on both these banks.
New Delhi: There is important news for the customers of PNB (Punjab National Bank) and BoI (Bank of India). Reserve Bank of India has imposed a fine of Rs 6 crore on both these banks. This penalty has been imposed on these banks for violation of norms. Let us tell you that one of these violations is related to the rules of classification and reporting of fraud. Bank of India was fined Rs 4 crore and Punjab National Bank was fined Rs 2 crore.
In a statement, RBI said that the statutory inspection for Inspection of Supervisor Evaluation (ISE) of Bank of India was conducted on March 31, 2019. The bank conducted a review and submitted a Fraud Monitoring Report (FMR) to detect fraud in an account.
Revealed in the report,
RBI said in a separate statement that the statutory inspection of Punjab National Bank was done with reference to the financial position. The central bank said that an examination of the risk assessment report revealed that the norms were not followed in these cases.
Show cause notices sent to banks
Let us tell you that in both the cases, show cause notices were sent to the public sector banks, in which both these banks were asked the reason for not imposing the penalty. RBI says that both the banks have been fined due to lack of regulatory compliance.
These banks have also been fined
Let us tell you that earlier, RBI had imposed a fine of Rs 10 crore on HDFC, the country’s largest private bank, for violating the provisions of Section 6(2) and Section 8 of the Banking Regulation Act. At the same time, a fine of Rs 1 lakh was imposed on Priyadarshini Mahila Nagari Sahakari Bank of Maharashtra for ignoring the rules.
