Reserve Bank of India penalises Punjab & Sind Bank over non-compliance


The Reserve Bank on Friday said it has imposed a penalty of Rs 27.5 lakh on for non-compliance with certain directions issued by it on ‘external benchmark-based lending’.


A statutory examination of revealed non-compliance with the directions, inter-alia, to the extent the bank linked certain floating rate retail loans and floating rate loans to micro and small enterprises, extended by it after October 1, 2019, to instead of an external benchmark, said.


A show cause notice was issued to the bank.


“After considering the bank’s reply to the notice, oral submissions made in the personal hearing and examination of additional submissions made by it, came to the conclusion that the charge of non-compliance … was substantiated and warranted imposition of monetary penalty…,” said.


The (RBI), however, added that the penalty is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Source link

Latest

Indonesia-Uni Emirat Arab Sepakati Perjanjian Kerja Sama IUAE-CEPA – Tribunnews.com

Laporan Wartawan Tribunnews, Taufik Ismail TRIBUNNEWS.COM, JAKARTA - Presiden Joko...

Saints gun taken off after brutal head knock

Hunter Clark was taken from the field after this...

Libya protesters storm parliament building in Tobruk

Protesters were demonstrating against deteriorating living conditions and political...

After SC’s Rebuke to Nupur Sharma, Delhi Police Says She Was Questioned on Jun 18

She joined the investigation and her statement was recorded the same day, Delhi Police said. (File Photo: News18)The Supreme Court came down heavily on...

It’s Dhoni, it’s Gilchrist, no it’s Rishabh Pant

Under the gloomy Edgbaston skies, Rishabh Pant made another leap into greatness. He cracked 146 off 111 balls in a staggering exhibition of counterpunching...

Aryan Khan moves court to release his passport : Bollywood News – Bollywood Hungama

A while back Aryan Khan made headlines after he was arrested by the Narcotics Control Bureau (NCB) on charges...