RBI Fine on Banks: Reserve Bank of India (RBI) has imposed a fine on Equitas Small Finance Bank, India Post Payments Bank and NBFC Aptus Finance India Private Limited.
RBI Fine on Banks: Reserve Bank of India (RBI) has imposed a fine of Rs 65 lakh on Equitas Small Finance Bank Limited. This fine has been imposed for not following some rules of RBI. Apart from this, India Post Payments Bank has also been fined Rs 26.70 lakh for lapses in regulatory compliance and Rs 3.10 lakh on NBFC Aptus Finance India Private Limited. Both the banks have been asked to strictly follow the rules in future.
Guarantee was taken for agricultural loan
The central bank said in its statement that the bank violated some rules, such as the bank charged for early payment on some loans given for other purposes other than business. At the same time, guarantee was taken for some agricultural loans up to Rs 1.6 lakh, which is against the rules. RBI investigated the functioning of the bank. Also, the bank was given a notice to explain the reason. After the bank’s reply and hearing, RBI decided to impose a fine.
Indian Post Payments Bank made this mistake
RBI accuses India Post Payments Bank of upgrading some savings accounts without the consent of the customers and also imposing annual fees on those accounts. According to RBI rules, before doing so, it is necessary to take consent from the customers in writing or in any other way. RBI had examined the financial position of the bank on 31 March 2023. In this investigation, it was found that the bank has not followed the rules properly. RBI sent a notice to the bank, after receiving the reply to which this action has been taken.
Aptus Finance is accused of changing its management by going against the rules of RBI. The company changed its directors without taking written permission from RBI, due to which more than 30% of the directors changed except the independent directors. According to RBI rules, it is necessary to take permission from RBI before doing so. RBI had sent a notice to the company, after the reply and hearing, RBI decided to impose the fine.
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