The Reserve Bank of India (RBI) fined as many as 28 companies, including HDFC Bank and Punjab & Sind Bank, within a span of two days, according to official communications.
The penalties slapped on the companies over alleged non-compliance to its rules and guidelines. The fines amount to almost Rs 3 crore.
The central bank imposed penalties on HDFC Bank, Punjab & Sind Bank, Mahindra Rural Housing Finance, and several other firms for various violations, including non-compliance with Know Your Customer (KYC) norms, declaration of dividends, management of advances, and Supervisory Action Framework (SAF).
The RBI penalised these companies between March 26 and March 28.
According to the central bank, the total fines that these companies have to pay is Rs 295.15 lakh.
Here is the list of companies required to pay these penalties:
- HDFC Bank Limited
- Punjab & Sind Bank
- KLM Axiva Finvest LimitedUCA Finvest Private Limited, New Delhi
- Sri Ganesh Co-operative Bank Limited, Gulbarga, Karnataka
- Tumkur Veerashaiva Co-operative Bank, Karnataka
- Mikhael Capitalize Pvt. Ltd, Kerala
- Sholinghur Co-operative Urban Bank Limited, Vellore, Tamil Nadu
- Nizamabad District Co-operative Central Bank Ltd, Telangana
- Kerala Mercantile Co-operative Bank Ltd, Kozhikode, Kerala
- Bagalkot District Central Co-operative Bank, Bagalkot, Karnataka
- Co-operative Urban Bank Ltd, Paralakhemundi, Odisha
- Jalna People’s Cooperative Bank Ltd, Jalna, Maharashtra
- NKGSB Co-operative Bank Limited, Mumbai
- Kodungallur Town Co-operative Bank, Kerala
- Karnataka Gramin Bank, Karnataka
- Savery Transport Finance Ltd, Chennai, Tamil Nadu
- South Canara District Central Co-operative Bank Ltd, Karnataka
- Purvaja Fincap Pvt. Ltd, Tamil Nadu
- Mysore and Chamarajnagar District Co-operative Central Bank Ltd, Karnataka
- Habitat Micro Build India Housing Finance Company Private Ltd, Karnataka
- The Vellore Co-operative Town Bank Ltd, Tamil Nadu
- Porbandar Commercial Co-operative Bank Limited, Porbandar, Gujarat
- Santrampur Urban Co-operative Bank Ltd, Santrampur, Mahisagar, Gujarat
- Phoenix ARC Private Limited
- Mahindra Rural Housing Finance Limited
- Kangra Central Co-operative Bank Ltd, Himachal Pradesh
- Citizens Urban Cooperative Bank Ltd, Jalandhar
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