In a seismic regulatory development, the Reserve Bank of India has levied staggering penalties totalling Rs 2.49 crore on major players in the Indian banking sector — Dhanlaxmi Bank, Punjab and Sind Bank, and ESAF Small Finance Bank. These penalties underscore critical lapses in regulatory compliance and expose vulnerabilities that demand immediate attention.Dhanlaxmi Bank is hit with a hefty Rs 1.20 crore penalty for flouting directives on ‘loans and Advances,’ KYC, and interest rate norms. Punjab and Sind Bank face a colossal Rs 1 crore fine for non-compliance with ‘loans and advances’ directives, raising serious questions about the robustness of their operational framework….
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Rs 2.49 cr fines for Dhanlaxmi, P&S Bank, ESAF for compliance lapses
