RBI penalises three PSBs for violating norms
The RBI has imposed penalties on three public sector banks for violation of various norms. A penalty of ₹1.5 crore has been imposed on Oriental Bank of Commerce and ₹1 crore each on Punjab National Bank and Bank of India. The penalty has been imposed for non-compliance with various directions on monitoring of end use of funds, exchange of information with other banks, and on restructuring of accounts, the RBI said.