The Reserve Bank of India has imposed a fine of Rs 5 crore on four public sector banks including State Bank of India and Corporation Bank for violation of banking rules. The statement issued on behalf of the RBI said that the penalty has been imposed on these banks for not complying with the various RBI guidelines, sharing information from other banks, restructuring of accounts, and other issues. The Reserve Bank of India has imposed a fine of Rs 2 crore on Corporation Bank and a penalty of Rs 1 crore on State Bank, Bank of Baroda and Union Bank of India.
Allahabad Bank fined one and a half crore
Earlier, the Reserve Bank had imposed penalties on 7 banks including Allahabad Bank, Bank of Maharashtra, HDFC Bank and Kotak Mahindra Bank for violation of banking rules. In this judgment, the RBI has imposed a fine of one and a half crore rupees on Allahabad Bank, Bank of Maharashtra and Indian Overseas Bank. Apart from this, Andhra Bank was fined 10 million rupees on the violation of the rules.
The Reserve Bank had imposed a penalty of 20-20 lakh on HDFC Bank, IDBI Bank and Kotak Mahindra Bank for not following the guidelines on the Prevention of Money Laundering (AML) standards and Know the Customer (KYC). On January 8 (Friday), Allahabad Bank and Corporation Bank were imposed a fine of Rs 3.5 crore.