The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 5 crore on South Indian Bank for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms, Know Your Customer (KYC) norms and treasury function and for deficiencies in compliance function and compliance culture. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
South Indian Bank is considered one of the most pro active banks in India with a competent tech savvy team of professional at the core of services.
