The Reserve Bank of India (RBI) has imposed a fine on the major banks of the country for not following the rules. RBI has imposed a fine of Rs 38.60 lakh on IDFC First Bank and Rs 29.6 lakh on Punjab National Bank (PNB). RBI has imposed a fine of Rs 38.60 lakh on IDFC First Bank for not complying with provisions under Know its customer (KYC) criteria. The bank has given information about RBI’s move in exchange filing. According to RBI, the fine was imposed for errors related to some of the current accounts opened by the bank in violation of the RBI KYC Guidelines, 2016.
The action was taken under Section 46 (4) (i) and Section 47A (1) (c) of the Banking Regulation Act, 1949, which empowers the RBI to take enforcement action against regulated entities for regulatory violations.
PNB fined Rs 29.6 lakh
The Reserve Bank of India (RBI) has imposed a fine of Rs 29.6 lakh on Punjab National Bank (PNB) for not following specific instructions related to customer service. The RBI has taken this action due to not following the instructions given by PNB regarding the penalty imposed on inactive accounts if the minimum balance is not maintained.
The fine was imposed by the RBI under the provisions of sections 46 (4) (i) and 51 (1) of the Banking Regulation Act, 1949 under the provisions of sections 47A (1) (C).
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