Sorry, that is incorrect.
Penance, also known as "satisfaction", is the required punishment determined by the ordained priest at the
time of absolution.
The whole process of repentance and receiving penance is commonly known as "confession," and the priest, who
has the power to forgive sins, absolves or remits the eternal guilt and penalty of that particular sin by
determining the temporal punishment (satisfaction).
The purpose of satisfaction is to take away something from the repented Roman Catholic sinner for the honor
of God. Penance typically come in three forms: 1) financial (depriving oneself of the goods of fortune), 2)
fasting (depriving oneself of the goods of the body) or 3) prayer (depriving oneself of the goods of the soul).
There is no such reference for this practice in the Bible.