Dhanlaxmi Bank has informed that pursuant to the provisions of Sections 26A, 35, 35A, 46 and 47A of the Banking Regulation Act 1949, RBI has imposed a monetary penalty of Rs 27.50 lakh on the 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.
The above information is a part of company’s filings submitted to BSE.
