Reserve Bank of India has fined 14 banks
The Reserve Bank of India (RBI) penalised fourteen institutions on Wednesday, including State Bank of India (NSE -0.18%), Bank of Baroda (NSE 0.00%), IndusInd Bank, and Bandhan Bank (NSE -1.62%). Lenders were punished for failing to follow various aspects of the regulator’s orders on lending to non-bank lenders, loan and advance restrictions and requirements, and reporting to the central database. 
On large exposures. Bank of Baroda was fined Rs 2 crore, while IndusInd Bank, Bandhan Bank, Credit Suisse AG, Central Bank of India NSE -0.95%, Bank of Maharashtra, Indian Bank, and Utkarsh Small Finance Bank were each fined Rs 1 crore. State Bank of India was hit with a fine of Rs 50 lakh.
According to the RBI, a review was conducted, and it was discovered that the banks had failed to comply with the Banking Regulation Act’s restrictions. Banks were sent notices that they needed to show cause why a penalty should not be levied for non-compliance. Following an examination of the submissions, the regulator determined that monetary penalties against these banks were merited.
