The Reserve Bank of India has levied fines on 14 banks for failing to follow key terms of RBI directives. The RBI conducted an examination of the accounts of a group of firms. It was discovered that the banks had failed to follow the requirements of one or more RBI directives and/or had broken the Banking Regulation Act of 1949.
Banks were sent with notices requiring them to show cause why a penalty should not be levied for non-compliance with the Banking Regulation Act, 1949’s directions/provisions. After considering the responses, the RBI determined that fines against the aforementioned fourteen institutions were appropriate.
The name of the banks are Bandhan Bank Ltd. Bank of Baroda Bank of Maharashtra Central Bank of India Credit Suisse AG Indian Bank IndusInd Bank Ltd. Karnataka Bank Ltd. Karur Vysya Bank Ltd. Punjab and Sind Bank South Indian Bank Ltd. State Bank of India The Jammu & Kashmir Bank Ltd. Utkarsh Small Finance Bank Ltd.