RBI imposes monetary penalties on these two banks for non-compliance of norms
In both the cases, the RBI said that the actions are based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with its customers.
"This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) (c), read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949." Source: Reuters