New Delhi. The Reserve Bank of India (RBI) on Wednesday imposed fines on 14 banks including Bandhan Bank, Bank of Baroda and State Bank of India (SBI) for violating various rules.
RBI informed about this in its statement. These 14 banks include government-owned private banks, foreign banks, co-operative banks and a small finance bank.
read this also: Afghanistan: US Army left Bagram airbase overnight, terrorist organizations dominate
bypass the rules
Fines ranging from Rs 50 lakh to Rs 2 crore have been imposed on these banks. In a statement issued by RBI, it has been informed that among the rules violated by banks, rules related to lending to NBFCs and bank financing to NBFCs have been bypassed.
So many banks were fined for the first time
This is the first time that RBI has imposed penalty on multiple banks at the same time. According to the Reserve Bank, banks have ignored many rules. Along with this, banks have violated section 19(2) and section 20(1) of the Banking Regulation Act, 1949.
read this also: SBI will auction two accounts next month, trying to raise more than Rs 313 crore dues
Other banks on which RBI has imposed penalties include Bank of Maharashtra, Central Bank of India, Credit Suisse, Indian Bank, IndusInd Bank, Karnataka Bank, Karur Vysya Bank, Punjab and Sind Bank, South Indian Bank, J&K Bank and Utkarsh Small Finance. Banks are included.