Reserve Bank of India imposes monetary penalty of INR5,00,00,000/- on South Indian Bank Limited



  Reserve Bank of India (RBI) has informed to public at large that it has imposed, by an order dated May 14, 2018, a monetary penalty of ₹ 50 million on South Indian Bank Limited.

Reserve Bank of India has imposed the monetary penalty  for non-compliance with the directions issued by RBI on :-

·       Income Recognition and Asset Classification (IRAC) norms,
·       Know Your Customer (KYC) norms
·       treasury function
·       for deficiencies in its compliance function
·       compliance culture

The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to the aforesaid directions issued by RBI.

Reserve Bank of India has clarified that this action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

‘South Indian Bank’, one of the earliest banks in South India, came into being during the Swadeshi movement.

The establishment of the bank was the fulfilment of the dreams of a group of enterprising men who joined together at Thrissur, a major town (now known as the Cultural Capital of Kerala), in the erstwhile State of Cochin.

Thrissur  (formerly Trichur) is a one of the largest city in the central part of Kerala in Southern India.It is known as cultural capital of Kerala, with numerous temples, churches, cultural institutions, art centers, museums etc. The city is most popular for its temple festivals, particularly the annual Thrissur Pooram known as festival of festivals. The city is located in exact geographic center of Kerala.

A resplendent festival celebrated with a grand display of caparisoned elephants, dazzling parasols, and percussion music, the Thrissur Pooram is a magnificent spectacle merging the spiritual and cultural essence of Kerala. Celebrated in the Malayalam month of medam (April-May), the pooram is held at the Thekkinkadu Maidanam in Thrissur.

Thrissur Pooram


Considered to be the mother of all poorams, this yearly temple festival was the brain child of Shakthan Thampuran, the Maharaja of Kochi, who organised the festival with the participation of 10 temples (Paramekkavu, Thiruvambadi Kanimangalam, Karamucku, Laloor, Choorakottukara, Panamukkampally, Ayyanthole, Chembukkavu, Neythilakavu).
The festival sports an enthralling line-up of vibrantly decked up elephants and is marked by the kudamattom ceremony. Involving swift and rhythmic changing of brightly coloured and sequined parasols, the kudamattom ceremony is one among the highlights and is a keenly watched event.
Another high point is the ilanjithara melam, a highly bewitching performance of traditional instruments which lifts the thousands gathered to a state of euphoria and bliss.
Around 250 odd artistes participate in this traditional orchestra led by chenda artistes and the spirit is mirrored by the thousands of spectators who wave their hands in accordance to the rhythm generated by the chenda, kurumkuzhal, kombu and elathalam (traditional instruments of Kerala).
The finale is marked by a grand fireworks show.

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