Punjab National Bank and ICICI Bank were fined Rs. 1.8 crore and Rs 30 lakh respectively by the Reserve Bank of India (RBI) on Wednesday. The penalty was imposed for deficiencies in regulatory compliance. In a statement, RBI said that the statutory inspection for supervisory assessment (ISE) of Punjab National Bank (PNB) was conducted by it with reference to its financial position as on March 31, 2019.
After scrutiny of ISE and other documents, RBI found violation of its provisions relating to pledge of shares by PNB.
In the case of ICICI Bank, RBI stated that statutory inspection for supervisory evaluation of the bank was conducted with reference to its financial position as on March 31, 2019.
Later, RBI did not comply with the directions regarding levying charges for maintenance of minimum balance in savings accounts.
In both the cases, the penalties were based on deficiencies in regulatory compliance and were not intended to impinge on the validity of any transaction or agreement entered into by the banks with their respective customers, the RBI noted.
(with PTI inputs)
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