Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 27.50 lakh on Dhanlaxmi Bank for non-compliance with certain provisions issued by RBI on crediting of eligible amounts to the Depositor Education and Awareness Fund.
RBI has mentioned that this action 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 Bank with the customers.
Dhanlaxmi Bank was incorporated in 1927 by group of entrepreneurs at Thrissur located in Kerala. Bank's focus has always been on customizing services and personalizing relations.
