RBI has vide its press release levied monetary penalties of Rs.2 crores and Rs.4 crores each respectively on Punjab National Bank and Bank of India.
For PNB it is relating to
non-compliance of certain provisions of directions issued by RBI contained in the Master Directions on “Frauds – Classification and Reporting by commercial banks and select FIs” dated July 01, 2016 and, the circular on “Creation of a Central Repository of Large Common Exposures – Across Banks” dated September 11, 2013.
For Bank of India, it is relating to
non-compliance with certain provisions of directions issued by RBI contained in the “Master Circular on KYC norms/AML standards/ CFT / Obligation of banks under PMLA, 2002” dated July 1, 2014, circular on “The Depositor Education and Awareness Fund Scheme, 2014 – Section 26A of Banking Regulation Act, 1949 – Operational Guidelines” dated May 27, 2014, “Master Circular on Frauds – Classification and Reporting” dated July 02, 2012 and circular on “Sale of Financial Assets of Doubtful Standard / Fraudulent Origin to Securitization Company (SC) / Reconstruction Company (RC) – Reporting Requirements” dated April 5, 2011.