The Reserve Bank of India (RBI) took action on November 3 by announcing monetary penalties against several financial institutions for violating regulations. The penalties were imposed on Punjab National Bank, Federal Bank, Kosamattam Finance, and Mercedes-Benz Financial Services India. The central bank issued these penalties to ensure that financial institutions comply with regulatory requirements.
In response to these violations, the RBI issued notices to the affected financial institutions, advising them to provide reasons for non-compliance with the RBI’s directions. This step was taken to ensure transparency and accountability in the financial sector and to uphold regulatory standards.
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