RBI imposes penalty on two banks for rule violations check why | Big push for PNB and ICICI banks! The Reserve Bank imposed a fine, find out the reason … – News18 Bangla


#NewDelhi: Again, two well-known banks of the country. Punjab National Bank, the country’s second largest public sector bank, and private sector bank ICICI Bank have been in deep thought since the recent news. In fact, both the banks have been fined by the Reserve Bank of India for violating the rules (PNB ICICI Penalty). On Wednesday, the RBI fined Punjab National Bank Rs 1.60 crore and ICICI Bank Limited Rs 30 lakh.

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Why two banks fined?

The central bank said the move was prompted by the Punjab National Bank’s (PNB ICICI Penalty) failure to comply with the regulatory body’s directives. This will have no effect on the legitimacy of the customer’s transaction or agreement with the bank. On the other hand, ICICI Bank has been fined for disobeying a number of directives issued by the Reserve Bank of India (RBI) on November 20, 2014, when it introduced the ‘Penalty Rules for Depositing a Minimum Balance in Savings Accounts’.

After investigation, the Reserve Bank sent a notice

According to the Reserve Bank of India, the RBI conducted a statutory inspection on March 31, 2019 to review the bank’s financial condition.

According to the inspection report and all the information, Punjab National Bank has violated the guidelines (PNB ICICI Penalty) issued by the Reserve Bank. PNB has not complied with the RBI guidelines issued on keeping minimum balance in savings accounts. The RBI then handed over a notice to the Punjab National Bank. After receiving a reply from the bank, the RBI decided to impose a fine of Rs 1.6 crore.

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After investigation, two banks were fined

The RBI further said, “On March 31, 2019, the RBI conducted a statutory inspection for a supervisory assessment of the financial condition of ICIC Bank. In this inspection, the relevant documents including the risk assessment report are verified. ” The central bank then sent a notice to ICICI Bank Limited and after its reply was investigated and fined.

A few days ago, the Reserve Bank imposed a fine of Rs 1 crore on State Bank of India, the country’s largest state-owned bank. In this case too, fines were imposed for violating the guidelines.

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