Mumbai, Nov 3 (PTI) The Reserve Bank on Friday said it has imposed a Rs 72 lakh penalty on state-owned Punjab National Bank and a Rs 30 lakh penalty on private sector Federal Bank for non-compliance with certain regulatory norms.

It has also imposed a penalty of Rs 10 lakh on Mercedes-Benz Financial Services India Private Ltd (formerly known as Daimler Financial Services India Private Ltd) for non-compliance with certain provisions of the Know Your Customer (KYC) Direction, 2016.

Also Read | Delhi Shocker: Police Head Constable Physically Abuses Minor Daughter in Durgapuri Extension, FIR Lodged.

The penalty on Punjab National Bank has been imposed for non-compliance with certain provisions related to 'interest rate on advances' and 'customer service in banks', Reserve Bank of India (RBI) said in a release.

Federal Bank has been penalised for contravention of certain provisions of KYC norms, the central bank said in another release.

Also Read | Germany: More Gloom as Exports Dip in September.

The RBI also said a monetary penalty of Rs 13.38 lakh has been imposed on Kosamattam Finance Ltd, Kottayam, for non-compliance with certain provisions of the 'Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016'.

In all cases, the central bank said penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)