Breaking News

You are here » Indian-Commodity  :  Top News  :  RBI imposes Rs 5 crore monetary penalty on South Indian Bank

21-May2018

RBI imposes Rs 5 crore monetary penalty on South Indian Bank

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 5 crore on South Indian Bank for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms, Know Your Customer (KYC) norms and treasury function and for deficiencies in compliance function and compliance culture. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

South Indian Bank is considered one of the most pro active banks in India with a competent tech savvy team of professional at the core of services.



Related News

View all news

Turmeric futures trade higher on rising demand

Turmeric futures traded higher on NCDEX as market participants enlarged their holdings on account of rising demand for standing crop in the physical market. Moreover, government procurement in some states......

Coriander futures trade up on restricted arrivals

Coriander futures traded up on NCDEX as speculators built up fresh positions amid rising spot demand. Besides, tight stocks on account of restricted arrivals from major growing regions also fuelled the......

Cotton futures trade down on profit booking

Cotton futures traded down on MCX on profit booking after prices gained on reports of lower production in major growing regions. However, increased demand for crop from major cotton consumers, trimmed......

Top News

View all news

Quess Corp, Ashoka Buildcon and ICICI Bank to see some action today

Quess Corp's subsidiary Conneqt Business Solutions has signed definitive agreements to acquire a majority stake in Allsec Technologies. The transaction involves Conneqt purchasing 35.35% from the promoters,......

Quess Corp's arm to acquire majority stake in Allsec Technologies

Quess Corp's subsidiary -- Conneqt Business Solutions has signed definitive agreements to acquire a majority stake in Allsec Technologies. The transaction involves Conneqt purchasing 35.35% from the promoters,......

Ashoka Buildcon's JV receives LoA from Rail Vikas Nigam

Ashoka Buildcon's Joint Venture (JV) -- ABL-STS JV, wherein the Company is lead member, has received a Letter of Award (LoA) from Rail Vikas Nigam (RVNL). The accepted Bid Value of the Project is Rs 443.23......