The Reserve Bank of India (RBI) has imposed a penalty of Rs5 crore on South Indian Bank (SIB) for non-compliance with its directions on Income Recognition and Asset Classification (IRAC) norms, Know Your Customer (KYC) norms and treasury function.
The penalty has also been imposed on the Thrissur-headquartered private sector bank for deficiencies in its compliance function and compliance culture.
Source- The Hindu Business Line
Static/Current Takeaways Important for NABARD Grade-A Exam 2018-
- Salim Gangadharan is the Chairman of South Indian Bank.
- SIB headquarters in Thrissur, Kerala.