The Reserve Bank of India (RBI) has imposed fines on Central Bank of India and Sonali Bank PLC for breaches related to customer protection and KYC norms. Central Bank of India faces a penalty of ₹1.45 crore for irregularities including improper sanctioning of loans and delays in reversing unauthorized transactions. Meanwhile, Sonali Bank PLC has been fined ₹96.4 lakh for non-compliance with KYC Directions, 2016. These penalties highlight RBI’s commitment to enforcing regulatory and statutory compliance in the banking sector.
Central Bank of India incurred a ₹1.45 crore penalty for issues identified during a Statutory Inspection for Supervisory Evaluation (ISE 2022). The violations included sanctioning a loan against government subsidies and delays in crediting customers for unauthorized electronic transactions.
Sonali Bank PLC, part of Bangladesh’s commercial banking sector, received a ₹96.4 lakh penalty for failing to adhere to KYC norms outlined by the RBI. The penalty underscores RBI’s focus on ensuring robust compliance standards across all banking operations.
RBI clarified that these penalties are not a judgment on the validity of specific transactions but are necessary to uphold regulatory standards. The imposition of fines does not preclude further actions that RBI may take against the banks involved.
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