The Reserve Bank of India (RBI) on Friday said it had imposed fines on Punjab National Bank, Federal Bank, Mercedes-Benz Financial Services India and Kosamattam Finance for violating the central bank’s norms.
According to the RBI, a fine of Rs 72 lakh was imposed on Punjab National Bank, Rs 30 lakh on Federal Bank, Rs 13.38 lakh on Kosamattam Finance and Rs 10 lakh on Mercedes-Benz Financial Services.
Punjab National Bank was fined for violations such as charging SMS charges on certain accounts despite use of invalid mobile numbers in the Basic Banking Solution, failure to strictly adhere to interest rates as per previously announced schedule on various fixed deposit accounts and failure to state interest rates. Interest reset date on MCLR linked loans.
news source (www.nationalheraldindia.com)