Mumbai: RBI has imposed penalties of Rs 1.5 crore and Rs 9.4 lakh on Central Bank of India and Bangladesh’s Sonali Bank, respectively. The penalty on Centrl Bank is for its failure to comply with RBI directives on loans and advances and customer protection in electronic transactions. Sonali Bank has been fined for charges included failures 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.RBI’s decision followed an inspection of the two bank’s financial position as of March 31, 2022. During this exercise, several instances of non-compliance were unearthed, prompting RBI to issue a show-cause notice. The charges on Central Bank included the sanctioning of a working capital demand loan to a corporation against subsidies receivable from govt, as well as failure to credit amounts involved in unauthorised e-transactions to customers’ accounts promptly.