RBI imposes monetary penalty on South Indian Bank Limited

News Financial services Sanctions & Fines

Date: 8th Nov, 2024 Source: Reserve Bank of India Country: India Original Source

Brief

"On 08/11/2024, the Reserve Bank of India issued an update regarding RBI imposes monetary penalty on South Indian Bank Limited. The bank was penalized ₹59.20 lakh for non-compliance with RBI directions on 'Interest Rate on Deposits' and 'Customer Service in Banks'. The RBI imposed the penalty based on supervisory findings of non-compliance with directions, including failure to notify customers about minimum balance requirements via SMS, email, or letter.

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Reserve Bank of India

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RBI imposes monetary penalty on South Indian Bank Limited

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RBI imposes monetary penalty on South Indian Bank Limited

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Reserve Bank of India

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