RBI imposes Rs 3.5 cr penalty on 3 PSBs over violation of norms

MUMBAI: The Reserve Bank on Thursday said it has imposed Rs 3.5 crore penalties on three public sector banks, including PNB and OBC, for violation of various banking norms. The monetary penalty on the banks has been imposed for noncompliance with various directions issued by the RBI on monitoring of end use of funds, exchange of information with other banks, and on restructuring of accounts, the Reserve Bank of India said.