Punjab and Sind Bank News
RBI’s “action is based on the deficiencies in regulatory compliance".
The decision is "not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.”
RBI has also issued a show cause notice to the bank.
Punjab and Sind Bank is offering the lowest interest rate among other banks at 7%.
The Bank of India is providing gold loans at a 7.35% interest rate.
Gold is selling at Rs 9000 lower than its all-time high.
Bajrang Singh Shekhawat has been appointed executive director of Central Bank of India.
Higher earnings from corporate, wholesale and retail banking contributed to the profit rise.
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