RBI imposed a fine of 27.5 lakhs on another, know what is the reason for the big action?
New Delhi. Taking a big action on Punjab and Singh Bank, the Reserve Bank of India has imposed a huge fine of 27.5 lakhs on the bank. This penalty has been imposed on the bank for ignoring the rules of the banks. This penalty has been imposed after the bank continues to ignore the Banking Acts. Let us tell you here that these penalties imposed on the bank will not have any effect on the account holders of the bank.
RBI has imposed a fine of more than Rs 27 lakh on Punjab and Sind Bank. According to RBI, the bank violated the rules, after which this action has been taken on the bank. The bank was first issued a show cause notice, but after being dissatisfied with the reply received from the bank, the central bank imposed a fine of Rs 27.5 lakh.
According to the notification issued by the RBI, Punjab and Sind Bank did not comply with the norms set by the RBI on external benchmark-based lending. After which this action has been taken. However, this action taken on the bank does not affect the account holders of the bank. Their money is completely safe in the bank. They will continue to get interest at the same rate as before.