This bank slapped with a penalty of Rs. 50 million for non-compliance – InterviewSolution

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1.	This bank slapped with a penalty of Rs. 50 million for non-compliance with the directions issued by RBI.
Answer» The Reserve Bank of India (RBI) has slapped a penalty of Rs. 50 million on South Indian Bank Limited for non-compliance with the directions issued by it. The non-compliance pertains to Income Recognition and Asset Classification (IRAC) norms, Know Your Customer norms and treasury function. Further, the bank is also pulled up for deficiencies in its compliance function and compliance culture.

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