RBI penalises South Indian Bank
Published: May 21, 2018
By TIOLCORPLAWS News Service
NEW DELHI, MAY 21, 2018: The Reserve Bank of India has imposed a monetary penalty of Rs 50 million 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 its compliance function and compliance culture.
The action was based on deficiencies in regulatory compliance and was not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.