The central bank said that the punishment is based on deficiencies in regulatory compliance.
The central bank of the country, or the Reserve Bank of India (RBI), on Thursday imposed a fine on veteran government bank, Punjab National Bank i.e. PNB and Kotak Mahindra Bank and IDFC Bank of Private Sector. According to PTI news, RBI said that Kotak Mahindra Bank has been fined Rs 61. 4 lakhs for the ‘Guidelines on Loan System for Bank Loan Distribution’ and ‘Loan and Advance – Legal and Second Ban’ for not following some instructions. Punjab National Bank has been fined Rs 29 lakh for not following some instructions issued by RBI on customer service in banks.
IDFC First Bank fined so much
According to the news, in another statement, the RBI said that IDFC First Bank has been fined Rs 38.6 lakh for not following some instructions for ‘Know your customer’ (KYC) ‘. In all three cases, the central bank stated that the punishment is based on deficiencies in regulatory compliance and aims to decide on the validity of any transaction or agreement made by banks with its customers.
Color merchants co-operative bank license canceled
The RBI had told the last Tabudhwar that it has canceled the license of ‘Color Merchants Co-operative Bank’ in Ahmedabad as it does not have enough capital and earnings possibilities. The RBI said that the registrar of Gujarat cooperative societies has also been requested to issue an order to close the bank and appoint a liquidator for the bank.
Decreased inflation estimate
The Reserve Bank of India has reduced its inflation estimate from 4.2 percent to 4 percent for the current financial year 2025-26. The consumer Price Index (CPI) based inflation declined the total 1.6 percentage points during January-February, 2025 to 5.2 percent in December 2024 to 3.6 percent in February 2025.
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