New Delhi: The central bank RBI has imposed fines on 14 banks for violating certain rules related to disbursement of loans. The country’s largest State Bank of India is also included in these banks. Apart from this, RBI has also imposed penalty on IndusInd Bank, Bandhan Bank and Bank of Baroda.
According to the RBI, these banks have violated the provisions of the guidelines set by the central bank for lending to non-banking financial companies (NBFCs). Apart from this, these banks have not followed the provisions related to restrictions and provisions on loans and advances and have been negligent in giving information related to this in the central database.
RBI has imposed fines ranging from Rs 50 lakh to Rs 2 crore on these banks. Banks that have been fined include public, private, foreign, co-operative and small finance banks.