RBI said the banks had failed to comply with provisions of one or more of the aforesaid directions. In a release Wednesday, the Reserve Bank of India said it has imposed a penalty of ₹145 million on 14 banks for breach of several norms. Further, the fines also pertained to contravention of provisions of Section 19(2) and Section 20 (1) of Banking Regulation Act, 1949, the release said. Karnataka Bank and Punjab & Sind Bank notified the exchanges that they had each been fined 10 mln rupees for breach of norms on lending to non-banking financial companies. The banks fined and the penalty levied on them, is as follows:

Source: The Hindu July 07, 2021 21:45 UTC