The Reserve Bank of India has imposed penalty on Dhankaxmi Bank, Punhab & Sind Bank and ESAF Small Finance Bank for non-compliance of banking rules.
It has levied Rs 1.2 crore on private sector Dhankaxmi Bank for three violations. The bank did not offer higher interest rates to some senior citizens against the regular norm, did not obtain PAN for some deposits and extended gold loans for non-agriculture purposes exceeding 75% of the value of gold pledged against rules.
The central bank has imposed Rs 1 crore on state-owned Punjab & SInd Bank for violating lending rules.
ESAF Small Finance Bank will have to pay Rs 30 lakh for deficiencies in customer service.