RBI takes big action against one bank. You’ll be surprised that the Reserve Bank of India (RBI) has imposed a penalty of Rs 59.20 lakh on the private bank for not following certain rules on the interest rate on deposits and customer service in banks.
Now RBI has imposed a penalty of Rs 59.20 lakh on South Indian Bank for not following the interest rate on deposits and certain rules on customer service in banks. Let us know that the stock of South Indian Bank fell 1.52 percent to close at Rs 24.01 on Friday (November 8).
RBI imposed a fine on South Indian Bank
RBI said a statutory inspection was carried out by the Reserve Bank of India for supervisory evaluation of the bank with reference to the bank’s financial position as of March 31, 2023. After considering the bank’s reply to the notice and the oral submissions made during the personal hearing, the RBI found that the allegations against the bank were true, for which monetary penalty was imposed.
RBI said that South Indian Bank imposed penal charges for not maintaining the minimum balance/average minimum balance amount without informing certain customers through SMS/e-mail or letter. The RBI said that the penalty is based on deficiencies in statutory and regulatory compliance and is not intended to affect the validity of any transaction or agreement entered into by the bank with its customers.
South Indian Bank Share: 72% Return in 2 Years
Talking about the stock returns of South Indian Bank, the stock has fallen more than 3 percent this week. But the stock has gained more than 6 percent in two weeks. At the same time, the stock has fallen 4 percent in the last 3 months, 13 percent in 6 months, and 3 percent so far this year. In the last year, the share’s returns have been only 6 percent. While the stock has jumped 72 percent in the last 2 years and 177 percent in 3 years.
