RBI penalty on Banks: Strict action has been taken by the Reserve Bank against 2 banks. Reserve Bank has imposed penalty on Bank of India and Bandhan Bank.
Penalty on BoI and Bandhan Bank: Reserve Bank of India supervises the banks of the country. If any bank does not follow the rules, then action is taken against it by RBI. Now the Reserve Bank has imposed penalty on Bank of India and Bandhan Bank. The Reserve Bank of India (RBI) said that it has not followed some regulatory norms, due to which RBI has imposed the penalty.
RBI has imposed a fine of Rs 1.4 crore on Bank of India. Apart from this, the Reserve Bank has also imposed a fine of Rs 29.55 lakh on private sector Bandhan Bank for not complying with some instructions.
Why was fine imposed on Bank of India?
Penalty imposed on Bank of India for non-compliance of RBI directions relating to violation of provisions of ‘Interest Rate on Deposits’, ‘Customer Service in Banks’, ‘Interest Rate on Loans’ and Credit Information Companies Rules, 2006 Is.
Fine on Indostar Capital Finance Limited
Meanwhile, the Reserve Bank also said that a penalty of Rs 13.60 lakh has been imposed on Indostar Capital Finance Ltd for non-compliance with certain provisions of ‘Monitoring of Frauds in NBFCs (Reserve Bank) Guidelines, 2016’ and KYC Directions .
The Reserve Bank said that in all cases, penalties have been imposed for deficiencies in regulatory compliance. It is not intended to affect the validity of any transaction or agreement entered into by entities with their customers.
Earlier fine was imposed on SBI
Let us tell you that earlier the Reserve Bank of India had imposed a fine of Rs 2 crore on State Bank of India (SBI). This action has been taken due to non-compliance of regulatory rules on the bank. Along with this, penalty was also imposed by the Central Bank on Canara Bank and City Union Bank. Where a fine of Rs 32.30 lakh has been imposed on Canara Bank. At the same time, a fine of Rs 66 lakh was imposed on City Union Bank.
