{"id":140461,"date":"2023-09-26T17:57:05","date_gmt":"2023-09-26T12:27:05","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=140461"},"modified":"2023-09-26T17:57:06","modified_gmt":"2023-09-26T12:27:06","slug":"rbi-imposes-penalty-on-sbi-indian-bank-punjab-sind-bank","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/rbi-imposes-penalty-on-sbi-indian-bank-punjab-sind-bank\/","title":{"rendered":"RBI Imposes Penalty On SBI, Indian Bank, Punjab &#038; Sind Bank"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.oliveboard.in\/blog\/rbi-imposes-penalty-on-sbi-indian-bank-punjab-sind-bank\/#RBI_Imposes_Monetary_Penalty_On_State_Bank_of_India_SBI\" >RBI Imposes Monetary Penalty On State Bank of India (SBI)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.oliveboard.in\/blog\/rbi-imposes-penalty-on-sbi-indian-bank-punjab-sind-bank\/#RBI_Imposes_Monetary_Penalty_On_Indian_Bank\" >RBI Imposes Monetary Penalty On Indian Bank<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.oliveboard.in\/blog\/rbi-imposes-penalty-on-sbi-indian-bank-punjab-sind-bank\/#RBI_Imposes_Monetary_Penalty_On_Punjab_Sind_Bank\" >RBI Imposes Monetary Penalty On Punjab &amp; Sind Bank<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.oliveboard.in\/blog\/rbi-imposes-penalty-on-sbi-indian-bank-punjab-sind-bank\/#The_violations_committed_by_Punjab_Sind_Bank\" >The violations committed by Punjab &amp; Sind Bank<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>In a recent development, the <a href=\"https:\/\/www.oliveboard.in\/blog\/rbi-grade-b-salary\/\" target=\"_blank\" rel=\"noreferrer noopener\">Reserve Bank of India (RBI)<\/a> has taken action by imposing penalty on three well-known state-owned banks: State Bank of India (SBI), Indian Bank, and Punjab &amp; Sind Bank. These penalties underscore the significance of adhering to banking regulations and directives issued by the RBI, serving as a clear reminder to financial institutions regarding the importance of compliance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"RBI_Imposes_Monetary_Penalty_On_State_Bank_of_India_SBI\"><\/span>RBI Imposes Monetary Penalty On State Bank of India (SBI)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Monetary Penalty: \u20b91.30 Crore<\/strong><\/p>\n\n\n\n<p>The Reserve Bank of India (RBI) has levied a monetary penalty of \u20b91.30 Crore on the <a href=\"https:\/\/www.oliveboard.in\/blog\/sbi-life-joins-hands-with-bcci-for-crickets-grand-journey\/\" target=\"_blank\" rel=\"noreferrer noopener\">State Bank of India (SBI)<\/a> due to its failure to adhere to specific directives issued by the RBI. The bank was found to be in violation of guidelines related to &#8216;Loans and Advances \u2013 Statutory and Other Restrictions&#8217; and &#8216;Guidelines on Management of Intra-Group Transactions and Exposures.&#8217;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">SBI&#8217;s violations<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>SBI approved a term loan for a corporation without conducting the necessary due diligence regarding the feasibility and bankability of the projects for which the loan was granted. This lapse failed to ensure that the projects would generate sufficient revenue to meet their debt-servicing obligations.<\/li><li>The bank permitted the repayment and servicing of the term loan to be funded from budgetary resources, which was not in accordance with regulatory guidelines.<\/li><li>SBI did not consider the intra-day limit approved for its group entity when calculating the intra-group exposure limit, resulting in a breach of the prescribed limits.<\/li><\/ul>\n\n\n\n<p>Upon receiving a notice from the RBI, SBI was required to provide a justification as to why a penalty should not be imposed for its failure to comply with regulatory directives. Following a thorough examination of the bank&#8217;s response, oral presentations during a personal hearing, and additional submissions, the RBI-determined that the charges of non-compliance were substantiated and warranted the imposition of a monetary penalty.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"RBI_Imposes_Monetary_Penalty_On_Indian_Bank\"><\/span>RBI Imposes Monetary Penalty On Indian Bank<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Monetary Penalty: \u20b91.62 Crore<\/strong><\/p>\n\n\n\n<p>Indian Bank has incurred a substantial penalty of \u20b91.62 Crore due to its failure to comply with various directives issued by the Reserve Bank of India (RBI). These directives covered areas such as &#8216;Loans and Advances \u2013 Statutory and Other Restrictions,&#8217; &#8216;Reserve Bank of India [Know Your Customer (KYC)] Directions, 2016,&#8217; and &#8216;Reserve Bank of India (Interest Rate on Deposits) Directions, 2016.&#8217;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The violations committed by the Indian Bank encompassed:<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The Indian Bank did not adhere to the directives regarding loans and advances, which are critical for maintaining the integrity of the banking system.<\/li><li>The bank also violated RBI directives concerning Know Your Customer (KYC) requirements and interest rate regulations.<\/li><\/ul>\n\n\n\n<p>The RBI&#8217;s imposition of a monetary penalty on the Indian Bank was carried out under the Banking Regulation Act, 1949, underscoring the importance of strict adherence to these regulatory guidelines.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"RBI_Imposes_Monetary_Penalty_On_Punjab_Sind_Bank\"><\/span>RBI Imposes Monetary Penalty On Punjab &amp; Sind Bank<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Monetary Penalty: \u20b91.00 Crore<\/strong><\/p>\n\n\n\n<p>Punjab &amp; Sind Bank has incurred a monetary penalty of \u20b91.00 Crore. Due to its non-compliance with the provisions of sub-section (2) of Section 26A of the Banking Regulation Act, 1949. This penalty pertains to the &#8216;Depositor Education and Awareness Fund Scheme, 2014-Section 26A of Banking Regulation Act, 1949-Operational Guidelines.&#8217;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_violations_committed_by_Punjab_Sind_Bank\"><\/span>The violations committed by Punjab &amp; Sind Bank<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>The bank did not credit the eligible amount to the Depositor Education and Awareness Fund within the stipulated period, as required by Section 26A of the Banking Regulation Act.<\/li><\/ul>\n\n\n\n<p>It&#8217;s important to note that the RBI&#8217;s action against Punjab &amp; Sind Bank was primarily driven by deficiencies in regulatory compliance and did not cast doubt on the validity of any transactions or agreements between the bank and its customers.<\/p>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/www.oliveboard.in\/blog\/monthly-current-affairs\/\" aria-label=\"Monthly Current Affairs 2026 PDF For SSC, Banking, Railways\"><img loading=\"lazy\" decoding=\"async\" width=\"128\" height=\"84\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/06\/Monthly-Current-Affairs-2026-PDF.webp\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"Monthly Current Affairs 2026 PDF\" style=\"\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/monthly-current-affairs\/\">Monthly Current Affairs 2026 PDF For SSC, Banking, Railways<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/www.oliveboard.in\/blog\/banking-financial-awareness-april-2026-quiz\/\" aria-label=\"Banking &amp; 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