Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹68.20 lakh on Punjab & Sind Bank by order dated March 24, 2025. The penalty was imposed after the bank’s Statutory Inspection for Supervisory Evaluation (ISE 2023) and subsequent show-cause proceedings. RBI held that the bank failed to report certain borrowers with non-fund based exposure of ₹5 crore and above to CRILC, and also allowed certain BSBDA holders to open Savings Bank Deposit Accounts. The action was taken under Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949, and is stated to be based on deficiencies in regulatory compliance.
Action Snapshot
- Primary Impact
- Fine: Rs 68.2 L
- Entity Type
- Bank
- Action Type
- Monetary penalty