• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

RBI Fines PNB, Federal Bank, Mercedes Financial Services For Breach Of Rules

OMMCOM NEWS by OMMCOM NEWS
November 3, 2023
in Business

Mumbai:  The Reserve Bank of India (RBI) said on Friday that it has imposed monetary penalties on Punjab National Bank, Federal Bank, Mercedes-Benz Financial Services India and Kosamattam Finance for violating the central bank’s norms.

A fine of Rs 72 lakh on Punjab National Bank, Rs 30 lakh on Federal Bank, Rs 13.38 lakh on Kosamattam Finance, and Rs 10 lakh on Mercedes-Benz Financial Services, according to an RBI statement.

Punjab National Bank has been fined for violations that include levying SMS charges on certain accounts despite maintaining invalid mobile numbers in the Core Banking Solution, not strictly adhering to interest rates as per the pre-disclosed schedule in several term deposit accounts, and failing to specify the interest reset date in MCLR-linked loans.

Federal Bank was penalized for issuing demand drafts of Rs 50,000 and above, without including the name of the purchaser on the drafts.

Kosamattam Finance was penalized for not maintaining a loan-to-value ratio of 75 per cent in certain loan accounts.

Mercedes-Benz Financial Services India has been fined for not carrying out due diligence of its customers and for not updating the Know Your Customer (KYC) information of its high-risk customers.

(IANS)

Tags: Reserve Bank of India
ShareTweetSendSharePinShareSend
Previous Post

Woman Scribe ‘Slapped’ By Ollywood Producer Tutu Nayak

Next Post

Hamas Commander Mustafa Dalul Killed In Gaza: IDF

Related Posts

Piyush Goyal
Business

Piyush Goyal Holds Meet To Speed Up Work On Vadhavan Port Project In Maharashtra

October 21, 2025
Core Industries
Business

India’s Eight Core Industries Clock 3 Pc Growth In September

October 21, 2025
India's Export
Business

India Diversifies Export Market To Counter US Tariff Hike

October 21, 2025
Justice Pratibha M Singh
Business

Piyush Goyal Hails Justice Pratibha M Singh’s Appointment As WIPO Advisory Board Chair

October 21, 2025
Ola Electric
Business

Ola Electric Shares Tumble After CEO Bhavish Aggarwal Booked In Employee Suicide Case

October 21, 2025
Muhurat Trading Session
Business

Sensex, Nifty End Higher In Muhurat Trading Session As Samvat 2082 Begins

October 21, 2025
Next Post

Hamas Commander Mustafa Dalul Killed In Gaza: IDF

Woman Killed In Boat Capsize In Tampara Lake In Ganjam

Nepal Cricket

Nepal And Oman Secure Spots In 2024 Men's T20 World Cup Through Asia Qualifiers

KHIMJI
OMC
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.