RBI imposes Rs 1.75 crore fine on 4 banks for KYC non-compliance

The action, however, is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers, the RBI said. Continue Reading

Maha Bankbandhan II: PNB, Union Bank, Bank of India may be merged next

After the merger of Bank of Baroda, Vijaya Bank, and Dena Bank in October last year, some more public sector banks may soon receive an invitation from the government to discuss another round of mergers in the sector, according to news reports. These may include Punjab National Bank (PNB), Union Bank of India (UBI) and Bank of India (BoI). Continue Reading