MUMBAI - The Reserve Bank of India (RBI) has imposed penalties on three banks due to various regulatory non-compliances, emphasizing its commitment to enforcing financial regulations and ensuring the stability of the banking sector.
The central bank's actions included:
- Punjab and Sind Bank was penalized ₹1 crore for deficiencies in its process of sanctioning term loans.
- Dhanlaxmi Bank incurred a fine of ₹1.2 crore for not complying with know-your-customer (KYC) norms, charging incorrect interest rates on deposits, and issues related to loans and advances.
- ESAF Small Finance Bank was fined ₹29.5 lakh for failing to adhere to customer service norms.
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