(1) The Rastra Bank may impose the following fines against a bank or financial institution which does not give information or documents to be given according to the this Act or Rastra Bank Act, or Rules, Byelaws, Directives or Orders issued thereunder; or which does not make available within the prescribed time the documents, statement, statistics, or record as demanded in the course of carrying out, monitoring, inspection or suspension by the Rastra Bank or any official deputed by the Rastra Bank for that purpose:-a. Daily one hundred thousand rupees up to two weeks from the date of expiration of the time limit,
b. Daily one hundred twenty-five thousand rupees up to one month from the date of expiration of the time limit,
c. Daily one hundred fifty thousand rupees from the date of expiration of the time limit referred to in Clause (b) up to indefinite period of time.
(2) If a Promoter, Director, Shareholder, Chief Executive, office bearer, employee of a bank or financial institution or any other related person violates this Act or the Rastra Bank Act or the Rules, Byelaws framed thereunder or the Directive or Order issued thereunder, or fails to implement the directive issued by the Rastra Bank pursuant to Clause (b) of Sub-Section(3) of section 99, the Rastra Bank may, depending on the nature and gravity of the violation, impose a fine not exceeding on million rupees.
(3) If the bank or financial institution fails to pay the fines imposed pursuant to Sub-Section (1) within three days from the date of receipt of information of the decision, the said amount shall be recovered by deducting from the amount deposited in an account of the said bank or financial institution opened at the Rastra Bank.
(4) The amount of a fine received in the form of cash by the Rastra Bank pursuant to Sub-Sections (1) and (2) shall be deposited to the Government fund.