Guidelines have been issued by the Reserve Bank of India for the operation of banks and financial institutions. Strict legal action is taken against whatever institutions violate these guidelines. Monetary penalty is imposed on several banks after the investigation campaign by officials. Violation of banking norms is heavy on banks.
Which banks have been imposed penalty?
Let us tell you that a penalty has been imposed on Kotak Mahindra Bank, IDFC First Bank, and Punjab National Bank (PNB) bank on Thursday by Reserve Bank of India. According to the Reserve Bank of India, the rules of ‘No Your Customer’ (KYC) rules and loan transfer etc. were violated by banks.
The Punjab National Bank (PNB) has been fined ₹ 29.60 lakh for incorrectly charging the incorrect fee from inactive accounts. The bank imposed a fine for not keeping minimum balance from them but those accounts were inactive for a long time, it is wrong to do so.
At the same time, IDFC First Bank has been fined 38.60 lakh as the bank did not follow the KYC rules. At the same time, Kotak Mahindra Bank has been fined ₹ 61.40 lakh by RBI, which is accused of disturbances in the cases related to loan.
