RBI imposes 1.45 crore fine on Central Bank of India, 96.4 lakh fine on Bangladesh's Sonali Bank

The Reserve Bank of India (RBI) fined the Central Bank of India ₹1.45 crore and Sonali Bank PLC ₹96.4 lakh for non-compliance with regulations, including Know Your Customer (KYC) norms. The Central Bank of India was penalized for improper loan sanctions and failing to reverse unauthorized electronic transactions promptly. This followed an RBI inspection as of March 31, 2022. Sonali Bank PLC, part of Bangladesh's commercial bank, faced fines for KYC non-compliance. The penalties are based on regulatory deficiencies and do not affect the validity of customer transactions or agreements .