The Reserve Bank of India (RBI) has fined Punjab National Bank, Federal Bank Kosamattam Finance, and Mercedes-Benz Financial Services all in one go. The RBI has fined Punjab National Bank Rs 72 lakh, Federal Bank Rs 30 lakh, Kosamattam Finance Rs 13.38 lakh, and Mercedes-Benz Financial Services Rs 10 lakh, as stated in their official release.
Indian capital of New Delhi Punjab National Bank, Federal Bank, Kosamattam Finance, and Mercedes-Benz Financial Services have all been fined by the Reserve Bank of India (RBI) on Friday for infractions of RBI regulations. Please tell us how much of a fine the RBI has levied on these businesses.
The penalty levied by the RBI was Rs.
Punjab National Bank was fined Rs 72 lakh, Federal Bank was fined Rs 30 lakh, Kosamattam Finance was fined Rs 13.38 lakh, and Mercedes-Benz Financial Services was fined Rs 10 lakh, all according to a statement released by the RBI. All of the corporations have been hit with this monetary penalty as a result of their varied failures.
What is the reason?
In addition to failing to strictly adhere to interest rates as per the pre-announced schedule in several fixed deposit accounts and failing to specify the interest reset date in MCLR-linked loans, Punjab National Bank was fined for violations including charging SMS charges on certain accounts despite maintaining invalid mobile numbers in the core banking solution.
Penalties were levied on Federal Bank because the bank issued demand drafts of Rs 50,000 or more without the buyer’s identity. Kosamattam Finance was fined because some of its loan accounts had an LTV below 75%.
Mercedes-Benz Financial Services India has been penalized financially for failing to provide adequate customer service and for failing to keep its Know Your Customer (KYC) database up to date.