(MC)
The Reserve Bank of India (RBI) on July 7 imposed monetary penalties on 14 banks including Bandhan Bank, Bank of Baroda and State Bank of India (SBI) for various rule violations, the central bank said in a press release. These 14 banks include public sector banks, private banks, foreign bank, Co-operative banks and one small finance bank.
The violations include non-compliance with certain provisions of directions issued by RBI on ‘Lending to Non-Banking Financial Companies (NBFCs)’ ‘Bank Finance to Non-Banking Financial Companies (NBFCs)’ and ‘Loans and Advances – Statutory and Other Restrictions’, the RBI said.
