RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank

The RBI has imposed penalties on SBI, Indian Bank, and Punjab & Sind Bank, for violating various regulatory norms. SBI has been fined Rs 1.3 crore for non-compliance with certain directions on loans and advances, while Indian Bank has been fined Rs 1.62 crore for contravening directions on loans and advances, KYC, and interest rates on deposits. Punjab & Sind Bank has been penalized Rs 1 crore for non-compliance with provisions of the depositor education and awareness fund scheme.

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