Yes Bank: Crores of Yes Bank customers may get a shock. Has the bank also charged you for reducing the balance in your savings account, for which RBI has imposed a penalty on Yes Bank. The Reserve Bank of India (RBI) has imposed a fine of Rs 91 lakh on Yes Bank for not following the central bank’s instructions on customer service in banks.
Yes Bank: Crores of Yes Bank customers may get a shock. Has the bank also charged you for reducing the balance in your savings account, for which RBI has imposed a penalty on Yes Bank. The Reserve Bank of India (RBI) has imposed a fine of Rs 91 lakh on Yes Bank for not following the central bank’s instructions on customer service in banks. The penalty has been imposed because the bank had imposed charges for not maintaining the minimum balance amount in some accounts with low balance or zero balance in violation of RBI guidelines. RBI has imposed penalty on the wrong practice of Yes Bank.
Yes Bank imposed fine for not maintaining balance
The Reserve Bank of India (RBI) imposed a penalty on Yes Bank and ICICI Bank on May 27. This fine has been imposed due to non-compliance of regulatory instructions. According to the report, the Central Bank has imposed a fine of Rs 91 lakh on Yes Bank. This action has been taken due to Yes Bank not following RBI instructions on ‘Consumer Service in Banks’ and ‘Unauthorized Operation of Internal/Office Accounts’. The bank had opened and operated certain internal accounts in the name of its customers for unauthorized purposes such as parking funds and routing customer transactions. Apart from Yes Bank, a fine of Rs 1 crore has been imposed on ICICI Bank.
Like Yes Bank, your bank is also doing such work.
According to RBI, there have been cases where Yes Bank imposed charges on accounts with insufficient or zero balance, as well as unauthorized activity in the operation of internal accounts. The penalty was imposed following a comprehensive assessment conducted during the statutory scrutiny for supervisory evaluation (ISE 2022), which revealed instances where the bank imposed charges for non-maintenance of minimum balance in certain savings accounts and internal audit for unauthorized activities. Operated accounts.
