In aggregate three banks have to pay Rs 4.5 crore fine for failing to comply with the guidelines. Besides, the RBI has cautioned eight other banks-- Central Bank of India, Bank of India, Punjab and Sind Bank, Punjab National Bank, State Bank of Bikaner & Jaipur, UCO Bank, Union Bank of India and Vijaya Bank.
"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers," it said. The penal action was based on the basis of a complaint received by the RBI from a private organisation. A scrutiny of "fixed accounts" opened in its name in Mumbai-based branches of certain public sector banks was undertaken in July 2014.
Read more at: RBI imposes Rs 4.5 cr penalty on Dena Bank, OBC, BOM - Moneycontrol.com
"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers," it said. The penal action was based on the basis of a complaint received by the RBI from a private organisation. A scrutiny of "fixed accounts" opened in its name in Mumbai-based branches of certain public sector banks was undertaken in July 2014.
Read more at: RBI imposes Rs 4.5 cr penalty on Dena Bank, OBC, BOM - Moneycontrol.com
