Monetary penalty on Punjab and Sind Bank for non-compliance: RBI

The Reserve Bank of India had imposed a monetary penalty of Rs 27.50 lakh on Punjab & Sind Bank for non-compliance with directions of RBI.

The penalty was levied on the bank for the non-compliance of “External Benchmark Based Lending” directions issued by the RBI. The Regulator said that the fine is solely imposed for non-compliance and will not affect the transaction or agreements entered into the bank with its customers.