Punjab & Sind Bank, Dhanlaxmi Bank slapped with penalties by RBI

The Reserve Bank of India (RBI) has imposed penalties on ESAF Small Finance Bank, Dhanlaxmi Bank, and Punjab and Sind Bank for various non-compliance issues.

While the state-run bank was slapped with a fine of Rs 1 crore, a penalty of Rs 1.2 crore was imposed on the private sector lender. 

According to statements released by the central bank on Friday, penalties of Rs 29.55 lakh, Rs 6 lakh, and Rs 1 crore have been imposed on these three banks, respectively.

The penalties stem from regulatory compliance shortcomings and do not imply a judgment on the validity of transactions or agreements between the banks and their customers.

(With inputs from agencies)