The Reserve Bank of India (RBI) has imposed a penalty of 9.4 crore Rupees on Bangladesh’s Sonali Bank. At the same time, the RBI also fined the Central Bank of India 1.5 crore Rupees.
Meanwhile, the RBI’s penalty on Central Bank is for its failure to comply with RBI directives on loans and advances and customer protection in electronic transactions.
RBI’s decision followed an inspection of the two bank’s financial position as of March 31, 2022.
