The fines, involving 15 banks in total, were related to delays in reporting fraud and non-compliance with various other RBI norms.
August 6, 2019RBI governor Shaktikanta Das asked state-owned banks to speed up bad debt recovery efforts, strengthen internal controls and risk monitoring, and help fix the ongoing NBFC liquidity crisis.
July 23, 2019Following a similar report from Punjab National Bank earlier this month, Allahabad Bank has reported a $258mn fraud at Bhushan Power & Steel.
July 17, 2019The number of banks fined by the RBI for failing to integrate their core banking systems with SWIFT has now risen to 36, with fines totaling $10.16mn.
March 11, 2019The penalties follow directions issued by the RBI in February 2018 requiring banks to link their core banking systems with the SWIFT network.
March 5, 2019Allahabad Bank and Corporation Bank have been released from PCA restrictions following the government's capital infusion last week; Dhanlaxmi Bank was found not in breach of any PCA risk thresholds.
February 26, 2019The Indian government has approved capital infusions into 12 public sector banks amounting to $6.8bn as part of its bank recapitalisation plan.
February 21, 2019The latest penalties involve banks' non-compliance with RBI directions on the monitoring of borrowers' end use of loan funds, as well as failures related to KYC/AML compliance.
February 13, 2019Indian government will infuse $1.6bn in additional capital into five state-run banks that have been struggling to meet capital adequacy ratios due to higher than expected losses from bad loans.
July 19, 2018Due to capital deficiencies, the Hong Kong branches of Allahabad Bank, Punjab National Bank and Indian Overseas Bank must hold HQLA equivalent to 100% of unpledged deposits and should not solicit customer deposits, among other measures.
June 14, 2018