RBI Imposes Penalty: The Reserve Bank of India (RBI) has imposed a fine of more than Rs 27 lakh on Punjab and Sind Bank. According to RBI, the bank had violated the rules. However, this will not affect the customers.
RBI Imposes Monetary Penalty: The Reserve Bank of India (RBI) has tightened the noose on a public sector bank. RBI has imposed a fine of more than Rs 27 lakh on Punjab and Sind Bank. The Reserve Bank of India has told that Punjab and Sind Bank had violated banking rules.
A show-cause notice was also issued by RBI to Punjab and Sind Bank, the response of which was not satisfied by the Reserve Bank of India. After this the allegation of violation of rules against Punjab and Sind Bank proved to be true. And this is the reason why a fine of Rs 27.5 lakh has been strictly imposed on the bank.
What did the Reserve Bank of India say?
The RBI said that Punjab and Sind Bank had not complied with certain banking instructions issued on external benchmark-based loans. That’s why this strictness was shown against the bank. However, RBI also clarified that RBI does not intend to question the validity of any transaction or agreement entered into by the bank with its customers.
What is the condition of Punjab & Sindh stock?
Now let’s talk about the shares of this bank. The stock was at the level of Rs 15.30 on the last trading day i.e. Friday. The share price has declined by 0.97 percent as compared to a day earlier. Let us inform that in the fourth quarter of the last financial year, the profit of Punjab and Sind Bank has more than doubled to Rs 346 crore.
