The Reserve Bank of India (RBI) has imposed penalties on ESAF Small Finance Bank, Dhanlaxmi Bank, and Punjab and Sind Bank for various non-compliance issues.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

While the state-run bank was slapped with a fine of Rs 1 crore, a penalty of Rs 1.2 crore was imposed on the private sector lender. 

According to statements released by the central bank on Friday, penalties of Rs 29.55 lakh, Rs 6 lakh, and Rs 1 crore have been imposed on these three banks, respectively.

The penalties stem from regulatory compliance shortcomings and do not imply a judgment on the validity of transactions or agreements between the banks and their customers.

(With inputs from agencies)