RBI Took Action On Punjab & Sind Bank

RBI took action on Punjab & Sind Bank, and imposed a fine of lakhs of rupees; this is the whole matter.

The country’s central bank, the Reserve Bank of India (RBI), has imposed a fine on Punjab and Sind Bank.

Taking action, the RBI has imposed a fine of Rs 27.5 lakh on the bank for non-compliance with certain instructions issued in the matter of interest-linked loans.

RBI had also issued a show-cause notice to the bank a few days back. At the same time, now RBI told that there were some allegations against Punjab and Sind Bank, which have been proved correct.

Punjab & Sind Bank fined Rs 27.5 lakh

The Reserve Bank on Friday said it has imposed a penalty of Rs 27.5 lakh on Punjab and Sind Bank for non-compliance with certain directions issued by ‘External Benchmark Based Lending’.

A statutory inquiry by Punjab and Sind Bank has found a violation of instructions.

The bank, inter alia, has linked certain floating rate retail loans and floating rate loans to micro and small enterprises, which were extended from 1 October 2019 onwards.

RBI said the bank would be required to pay MCLR instead of an external benchmark. Show cause notice was issued.

The penalty is based on deficiencies in regulatory compliance.

The RBI has come to this conclusion after considering the bank’s reply to the notice, after examining the oral presentation made in the personal hearing and additional submissions made by it.

RBI found the allegation of violation of the directions to be true, following which the penalty was required to be imposed.

The Reserve Bank of India (RBI) said that this penalty is based on deficiencies in regulatory compliance. It is not intended to imply any transaction or agreement entered into by the Bank with its customers.

Bumper recruitment in the service sector, 40 percent increase in appointments in May; Travel sector at the forefront

After the control of Corona, due to the increase in the business of the service sector, there is a steady increase in the opportunities for jobs.

According to data from Naukri Jobspeak, there has been a 40 percent increase in new recruitments in May this year as compared to May last year.

According to the report, the maximum number of appointments are being made in the service sector that runs through contact.

For the last two years, due to Corona, the business of this sector had reduced significantly, due to which jobs were affected.

Now once again there is a lot of recruitment in the service sector. More recruitment is happening in metro cities and big cities.