The Central bank levied the fine of Rs 1.8 crore on Punjab National Bank (PNB) for contravention of sub-section (2) of section 19 of the Banking Regulation Act, 1949 (the Act).
ICICI Bank has been slapped a penalty of Rs 30 lakh by the apex bank.
"This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," read RBI's statement.
After considering the bank’s reply to the notice, oral submissions made during the personal hearing, and additional submissions made by the bank.
ICICI Bank has been slapped a penalty of Rs 30 lakh by the apex bank.
"This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," read RBI's statement.
After considering the bank’s reply to the notice, oral submissions made during the personal hearing, and additional submissions made by the bank.
The Central bank levied the fine of Rs 1.8 crore on Punjab National Bank (PNB) for contravention of sub-section (2) of section 19 of the Banking Regulation Act, 1949 (the Act).
ICICI Bank has been slapped a penalty of Rs 30 lakh by the apex bank.
"This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," read RBI's statement.
After considering the bank’s reply to the notice, oral submissions made during the personal hearing, and additional submissions made by the bank.
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