RBI slaps penalty on 3 public sector banks, 8 warned

While the provisions for setting up the Public Debt Management Agency has been included as part of the Finance Bill, 2015, the finance ministry is also finalising a roadmap for setting up the proposed agency.

The RBI has imposed a penalty of Rs 4.5 crore on Bank of Maharashtra, Dena Bank and Oriental Bank of Commerce  for violations of know your customer guidelines and non-adherence of RBI norms on fund transfer, transactions and opening of fixed deposits. The penalty on each bank is Rs 1.5 crore.

It also cautioned eight other PSBs — Central Bank of India, Bank of India, Punjab and Sind Bank, Punjab National Bank, State Bank of Bikaner & Jaipur, UCO Bank, Union Bank of India and Vijaya Bank — to place  measures and review them from time to time.