The RBI on Friday said it has imposed a penalty of Rs 59.20 lakh on South Indian Bank for non-compliance with certain directions on 'interest rate on deposits' and 'customer service in banks'.
A statutory inspection for supervisory evaluation of the bank was conducted by Reserve Bank with reference to its financial position as on March 31, 2023.
Based on supervisory findings of non-compliance with RBI directions and related correspondence, a notice was issued to South Indian Bank Limited.
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