MUMBAI: The Reserve Financial institution of India on Friday mentioned it has imposed a Rs 72 lakh penalty on state-owned Punjab Nationwide Financial institution and a Rs 30 lakh penalty on personal sector Federal Financial institution for non-compliance with sure regulatory norms.
It has additionally imposed a penalty of Rs 10 lakh on Mercedes-Benz Monetary Companies India Personal Ltd (previously generally known as Daimler Monetary Companies India Personal Ltd) for non-compliance with sure provisions of the Know Your Buyer (KYC) Course, 2016.
The penalty on Punjab Nationwide Financial institution has been imposed for non-compliance with sure provisions associated to ‘rate of interest on advances’ and ‘customer support in banks’, Reserve Financial institution of India (RBI) mentioned in a launch.
Federal Financial institution has been penalised for contravention of sure provisions of KYC norms, the central financial institution mentioned in one other launch.
The RBI additionally mentioned a financial penalty of Rs 13.38 lakh has been imposed on Kosamattam Finance Ltd, Kottayam, for non-compliance with sure provisions of the ‘Non-Banking Monetary Firm – Systemically Necessary Non-Deposit taking Firm and Deposit taking Firm (Reserve Financial institution) Instructions, 2016’.
In all circumstances, the central financial institution mentioned penalties are based mostly on deficiencies in regulatory compliance and will not be meant to pronounce upon the validity of any transaction or settlement entered into by the entities with their clients.
It has additionally imposed a penalty of Rs 10 lakh on Mercedes-Benz Monetary Companies India Personal Ltd (previously generally known as Daimler Monetary Companies India Personal Ltd) for non-compliance with sure provisions of the Know Your Buyer (KYC) Course, 2016.
The penalty on Punjab Nationwide Financial institution has been imposed for non-compliance with sure provisions associated to ‘rate of interest on advances’ and ‘customer support in banks’, Reserve Financial institution of India (RBI) mentioned in a launch.
Federal Financial institution has been penalised for contravention of sure provisions of KYC norms, the central financial institution mentioned in one other launch.
The RBI additionally mentioned a financial penalty of Rs 13.38 lakh has been imposed on Kosamattam Finance Ltd, Kottayam, for non-compliance with sure provisions of the ‘Non-Banking Monetary Firm – Systemically Necessary Non-Deposit taking Firm and Deposit taking Firm (Reserve Financial institution) Instructions, 2016’.
In all circumstances, the central financial institution mentioned penalties are based mostly on deficiencies in regulatory compliance and will not be meant to pronounce upon the validity of any transaction or settlement entered into by the entities with their clients.
