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ā¢ The Reserve Bank of India has imposed monetary penalties on Punjab National Bank, Federal Bank, Kosamattam Finance, and Mercedes-Benz Financial Services India for rule violations.
ā¢ Punjab National Bank was penalized for several violations, including levying SMS charges on certain accounts and not adhering to pre-disclosed interest rates.
ā¢ Federal Bank, Kosamattam Finance, and Mercedes-Benz Financial Services India were also penalized for various violations.