CURRENT AFFAIRS

Detailed explanation-1: -MUMBAI: The Reserve bank of India has imposed fines on seven public sector banks for a combined total Rs 11 crore owing to noncompliance of six separate adherence norms to be followed while opening and monitoring new accounts and reporting funds on balance sheet, the Reserve Bank said in a statement issued on Friday.

Detailed explanation-2: -The Reserve Bank of India on Monday announced penalties on 13 cooperative banks for contravention of various regulatory norms.

Detailed explanation-3: -The Reserve Bank of India (RBI) has, by an order dated September 07, 2022, imposed a monetary penalty of ₹36 lakh (Rupees Thirty-six lakh only) on Industrial Bank of Korea (the bank) for non-compliance with certain provisions of the ‘Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016’.

Detailed explanation-4: -RBI imposes monetary penalty on Bank of India This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.