Three banks were fined Rs 2.49 crore by the RBI

Three banks were fined Rs 2.49 crore by the RBI

Three banks were fined Rs 2.49 crore by the RBI

Dhanlaxmi Bank faces fines of Rs 1.20 crore from the Reserve Bank of India (RBI) for failing to follow guidelines about rules for 'loans and advances, statutory alongside other restrictions', KYC, and interest rates on deposits. said.

Three banks, Dhanlaxmi Bank, Punjab & Sind Bank, and others were hit with fines totaling Rs 2.49 crore by the Reserve Bank on Friday for breaking regulatory guidelines.

Punjab & Sind Bank has also been fined Rs 1 crore for failing to follow specific guidelines on "Statutory as well as Other Restrictions on Loans and Advances."

In addition, the central bank fined ESAF Small Finance Bank Rs 29.55 lakh for failing to follow guidelines on "Customer Service in Banks."

The RBI has released three statements in which it states that the penalty is based on regulatory compliance violations and is not meant to affect the legality of any agreements or transactions that lenders make with their clients.