Reserve Bank of India imposes monetary penalty on 12 banks

The Reserve Bank had carried out a scrutiny of the loan and current accounts of M/s. Deccan Chronicle Holdings Ltd. and has came to the conclusion that some of the violations were substantiated and warranted imposition of monetary penalty.This action is not intended to pronounce upon the validity of any transaction or agreement entered into between the concerned bank and the borrower.

The penalised banks include - Andhra Bank, Axis Bank, Canara Bank, Corporation Bank, HDFC Bank, ICICI Bank, IDBI Bank, IndusInd Bank, Kotak Mahindra Bank, Ratnakar Bankm, State Bank of Hyderabad, Yes Bank. While ICICI Bank has been penalised by Rs 40 lacs, Axis bank & IDBI Bank have to pay penalty of Rs 15 lacs each. Penalties for other banks range from Rs 5 lac to 10lacs.

A December 2014 report by the Reserve Bank had pegged the overall system's gross NPA at 4.2 percent in September 2013, and estimated that it will grow to 4.6 percent in September 2014 and recover to 4.4 per cent by March 2015.

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