Section 99: Fine for Violation of the Bank’s Regulation

1) In case any commercial bank or financial institution licensed under this Act violates an order or directive issued by the Bank under this Act or under the regulations or bylaws framed thereunder, the Bank may fine such commercial bank or financial institution an amount up to the amount related to such violation.

2) In cases where the Bank’s regulation referred to in sub-section (1) has been violated by a Director, official or employee of the commercial bank or financial institution, such fine shall be imposed on the concerned Director, official or employee.