New Delhi: The Reserve Bank of India has fined two banks. These banks did not comply with certain provisions, due to which they have been fined. These provisions also include provisions related to the NPA.
Public sector Bank of India has been fined Rs five crore. They also include provisions related to NPAs. Apart from this, the central bank has also imposed a fine of Rs 1.2 crore on Karnataka Bank for failing to comply with the NPA rules.
Notice was given to the bank about this. After the bank’s response to the notice and a personal hearing, it has been decided to impose a fine on the bank. In a similar case, the Reserve Bank has imposed a fine of Rs 1.2 crore on Karnataka Bank. The central bank has also imposed a fine of Rs 30 lakh on Saraswat Co-operative Bank for not complying with the instructions on Income Recognition and Asset Classification (IRAC) rules.
