New Delhi: The Reserve Bank of India (RBI) imposed monetary penalties on Union Bank of India, Bank of India, Central Bank of India, and Pine Labs for non-compliance with certain directions.

It imposed Rs 95.40 lakh penalty on Union Bank of India, Rs 63.60 lakh on Central Bank of India, Rs 58.50 lakh on Bank of India, and Rs 3.10 lakh on Pine Labs, the RBI said in a release.

Follow The PSUWatch Channel on WhatsApp

Monetary penalty on the Union Bank of India was imposed as lender did not credit the amount involved in the unauthorised electronic transaction to certain customers' accounts within 10 working days from the date of such notification by the customer, did not provide customers with 24x7 access to report unauthorised banking transactions, and resorted to manual intervention in the System-based asset classification process in certain KCC accounts, as per release.

In the case of the Central Bank of India, the penalty was imposed as the bank failed to upload the KYC records of certain customers onto the Central KYC Records Registry within the prescribed timeline, and opened additional BSBD (Basic Savings Bank Deposit) accounts of certain customers, who were already holding BSBD accounts in the bank.

Bank of India was penalized for collecting ad-hoc service charges/inspection charges/processing charges in certain priority sector loan accounts, and not paying interest on certain Term Deposit Receipts (TDRs) from the date of maturity till the date of their repayment, release added.

Follow PSU Watch on LinkedIN

The central bank said Pine Labs issued several Full-KYC Prepaid Payment Instruments (PPIs) without completing the Know Your Customer (KYC) of the PPI holders, due to which the penalty was imposed.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)