RBI Slaps Rs5-cr Penalty on South Indian Bank

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.