India's RBI fines Sonali Bank on violations

The Reserve Bank of India (RBI) has imposed a penalty of 9.4 crore Rupees on Bangladesh's Sonali Bank. At the same time, the RBI also fined the Central Bank of India 1.5 crore Rupees. 

Sonali Bank has been fined for several charges, including failure to implement periodic risk categorisation reviews, use robust software for transaction alerts inconsistent with risk categorisation, comply with Swift-related operational controls, and become a member of all credit information company within stipulated timelines. 

Meanwhile, the RBI's penalty on Central Bank is for its failure to comply with RBI directives on loans and advances and customer protection in electronic transactions. 

RBI’s decision followed an inspection of the two bank’s financial position as of March 31, 2022.