A penalty of Rs 1.8 crores has been imposed on Punjab National Bank (PNB) by the Reserve Bank of India (RBI), while ICICI Bank has been fined Rs 30 lakh for deficiencies in regulatory compliances. According to a statement issued by the central bank, PNB was found guilty of contravening provisions of the Banking Regulation Act, 1949, related to pledge of shares by it.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
In the case of ICICI Bank, the RBI said that after conducting a statutory inspection for supervisory evaluation of the bank, it found non-compliance with directions related to levy of charges for non-maintenance of minimum balance in saving accounts. The RBI however made it clear that in both the cases, penalties were levied on deficiencies in regulatory compliances and it was not a pronunciation on the validity of any transaction or agreement entered into by the banks with their respective customers.
ndia has launched Air Suvidha 2.0, a fully digital and contactless passenger health declaration platform…
The Ministry of External Affairs (MEA) has opened nearly 300 Toshakhana gifts for public e-auction…
The Mukhyamantri Kisan Sahay Yojana (MKSY) is a farmer welfare scheme launched by the Government…
The Ministry of Petroleum and Natural Gas has introduced new regulations for domestic LPG consumers…
India has emerged as one of Asia's fastest-growing green economies, generating approximately US$110 billion in…
India is preparing to significantly expand its high-speed rail network with seven proposed bullet train…