RBI Imposes Rs 90.92 Lakh Penalty on Axis Bank, Rs 42.78 Lakh Fine on Manappuram Finance
1 year, 1 month ago

RBI Imposes Rs 90.92 Lakh Penalty on Axis Bank, Rs 42.78 Lakh Fine on Manappuram Finance

News 18  

The Reserve Bank of India on Thursday imposed a penalty of Rs 90.92 lakh on Axis Bank for non-compliance with its certain directions. The RBI has also slapped a fine of Rs 42.78 lakh on Manappuram Finance Ltd. “The Reserve Bank of India has, by an order dated November 02, 2023, imposed a monetary penalty of Rs 90.92 lakh on Axis Bank Ltd for non-compliance with certain directions issued by RBI on ‘Reserve Bank of India ) Directions, 2016’, ‘Loans and Advances – Statutory and Other Restrictions’, ‘Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks’ and ‘Code of Conduct for Opening and Operating Current Accounts’,” the RBI said in a statement. The examination revealed that “the bank failed to preserve records pertaining to the identification of customers and their address in certain cases, made persistent calls to some of the customers, failed to ensure appropriate behaviour of recovery agents with some of the delinquent borrowers and failed to ensure a tape recording of the content/text of the calls made by the recovery agents to some of the customers and did not obtain declarations from the customer at the time of opening of current accounts.” Following this, the RBI sent a notice to Axis Bank advising it to show cause as to why a penalty should not be imposed on it for failure to comply with the directions issued by RBI. Meanwhile, on the penalty on Manappuram Finance Ltd, the RBI in a statement said it has slapped a fine of Rs 42.78 lakh “for non-compliance with certain provisions of the ‘Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company Directions, 2016′”. “After considering the company’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI came to the conclusion that the charge of non-compliance with the aforesaid RBI directions were substantiated and warranted imposition of monetary penalty,” the RBI said.

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History of this topic

RBI imposes penalty on IndusInd Bank for regulatory compliance deficiencies
3 days, 9 hours ago

RBI imposes penalty on IndusInd Bank for regulatory compliance deficiencies

Hindustan Times  

A penalty of ₹27.30 lakh has been imposed on IndusInd Bank for non-compliance with certain provisions of norms related to 'interest rate on deposits', the Reserve Bank said on Friday. For failing to comply with specific rules pertaining to "interest rate on deposits," IndusInd Bank has been fined ₹ 27.30 lakh by the Reserve Bank. After considering the reply of …

RBI imposes monetary penalty on Axis Bank and HDFC Bank—here’s why
3 months, 1 week ago

RBI imposes monetary penalty on Axis Bank and HDFC Bank—here’s why

New Indian Express  

The Reserve Bank of India has imposed a Rs 2.91 crore penalty on Axis Bank and HDFC Bank for failing to comply with regulatory standards. Meanwhile, HDFC Bank has been fined Rs 1 crore for non-compliance with directions related to interest rates, customer service practices, and the use of recovery agents. The RBI’s supervisory evaluation of Axis Bank, assessing its …

RBI Imposes Penalties on Ola Financial Services, Manappuram Finance, Visa Worldwide for KYC Norm Violations And Unauthorized Payment Methods
4 months, 3 weeks ago

RBI Imposes Penalties on Ola Financial Services, Manappuram Finance, Visa Worldwide for KYC Norm Violations And Unauthorized Payment Methods

Live Law  

The Reserve Bank of India has imposed penalties on Ola Financial Services Pvt. Further, Ola Financial Services reported a shortfall in its escrow account balance and filed an application for compounding this violation. Similar to Ola Financial Services, Manappuram's failure to adhere to these crucial regulatory directions prompted the RBI to take action. The "Card Not Present transactions – Relaxation …

RBI penalizes Ola Financial, Visa, Manappuram Finance for non-compliance with rules
4 months, 3 weeks ago

RBI penalizes Ola Financial, Visa, Manappuram Finance for non-compliance with rules

Live Mint  

The Reserve Bank of India imposed fines on payment system operators Visa Worldwide, Ola Financial Services and Manappuram Finance for deficiencies in regulatory compliance. The central bank imposed a penalty of ₹2.4 crore on Visa Worldwide Pte Limited, ₹41.5 lakh on Manappuram Finance Limited and ₹87.55 lakh fine on Ola Financial Services in two cases. Monetary penalty on payment system …

RBI imposes 1.45 crore fine on Central Bank of India, 96.4 lakh fine on Bangladesh's Sonali Bank
6 months, 1 week ago

RBI imposes 1.45 crore fine on Central Bank of India, 96.4 lakh fine on Bangladesh's Sonali Bank

Hindustan Times  

The Reserve Bank of India imposed a fine of ₹1.45 crore on the Central Bank of India and ₹96.4 lakh on Sonali Bank PLC for non-compliance issues including loans and advances and Know Your Customer norms, PTI reported. Representational The Central Bank of India was fined ₹1.45 crore for sanctioning a working capital demand loan to a corporation against amounts …

RBI Imposes Rs 1.45-Crore Penalty on Central Bank of India; Details Here
6 months, 1 week ago

RBI Imposes Rs 1.45-Crore Penalty on Central Bank of India; Details Here

News 18  

The Reserve Bank of India on Friday, June 14, imposed a penalty of Rs 1.45 crore on Central Bank of India for non-compliance with certain RBI norms. “The Reserve Bank of India has, by an order dated June 11, 2024, imposed a monetary penalty of Rs 1,45,50,000 on Central Bank of India for non-compliance with certain directions issued by RBI …

Axis Bank fined ₹1.66 crore for failing to detect and report fraud NSG account and transaction
6 months, 1 week ago

Axis Bank fined ₹1.66 crore for failing to detect and report fraud NSG account and transaction

Hindustan Times  

Axis Bank has been fined more than ₹1.66 crore by the Financial Intelligence Unit for "failing" to place a mechanism to detect and report suspicious transactions, following one such incident at one of its branches involving a fraudulent account in the name of counter-terrorist commando force NSG, PTI reported. Representational An Axis Bank manager was alleged to have been part …

Axis Bank Hit With Rs 1.66 Cr Fine By FIU For Failing To Detect Fraud NSG Account
6 months, 1 week ago

Axis Bank Hit With Rs 1.66 Cr Fine By FIU For Failing To Detect Fraud NSG Account

News 18  

The Financial Intelligence Unit has slapped a fine of more than Rs 1.66 crore on Axis Bank for “failing” to put in place a mechanism to detect and report suspicious transactions carried out at one of its branches by creating a “fraud” account in the name of counter-terrorist commando force NSG. According to the summary order accessed by PTI, the …

RBI Imposes Rs 1.91-Crore Penalties on Yes Bank, ICICI Bank For Non-Compliance With Norms
6 months, 3 weeks ago

RBI Imposes Rs 1.91-Crore Penalties on Yes Bank, ICICI Bank For Non-Compliance With Norms

News 18  

The Reserve Bank of India has imposed a penalty of Rs 1 crore on ICICI Bank, and Rs 91 lakh on Yes Bank for non-compliance with norms. “The Reserve Bank of India has, by an order dated May 21, 2024, imposed a monetary penalty of ₹1.00 crore on ICICI Bank Ltd. for non-compliance with certain directions issued by RBI on …

Paytm Payments Bank: A look at previous RBI actions against Paytm subsidiary
10 months, 3 weeks ago

Paytm Payments Bank: A look at previous RBI actions against Paytm subsidiary

Hindustan Times  

Paytm Payments Bank, a wholly-owned subsidiary of fintech major Paytm, has been barred by the Reserve Bank of India from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, and more, after February 29. Representative Image However, this is not for the first time that Paytm Payments Bank, launched in November 2017, finds itself in trouble. …

RBI imposes ₹2.49 crore penalty on Dhanlaxmi Bank, Punjab and Sind Bank and ESAF Small Finance Bank
11 months, 1 week ago

RBI imposes ₹2.49 crore penalty on Dhanlaxmi Bank, Punjab and Sind Bank and ESAF Small Finance Bank

The Hindu  

The Reserve Bank on Friday said it has imposed penalties totalling ₹2.49 crore on three banks, including Dhanlaxmi Bank and Punjab and Sind Bank, for contravention of regulatory norms. A penalty of ₹1.20 crore has been slapped on Dhanlaxmi Bank for non-compliance with certain directions on 'Loans and Advances — Statutory and Other Restrictions', KYC and certain norms related to …

RBI imposes fine on 3 banks for non-compliances, check details
11 months, 1 week ago

RBI imposes fine on 3 banks for non-compliances, check details

Live Mint  

The Reserve Bank of India on 12 January imposed monetary penalties, of varying degrees, against ESAF Small Finance Bank, Dhanlaxmi Bank, and Punjab and Sind Bank over various non-compliances. A penalty of ₹1.20 crore has been slapped on Dhanlaxmi Bank for non-compliance with certain directions on 'Loans and Advances – Statutory and Other Restrictions', KYC, and certain norms related to …

RBI penalises ₹10.34 crore on Citibank, BoB, IOB for non-compliance
1 year ago

RBI penalises ₹10.34 crore on Citibank, BoB, IOB for non-compliance

Hindustan Times  

The Reserve Bank on Friday imposed penalties totalling ₹10.34 crore on Citibank, Bank of Baroda, and Indian Overseas Bank for contravention of various regulatory norms. The highest penalty of ₹5 crore has been imposed on Citibank NA for non-compliance of norms related to depositor education and awareness fund scheme, and code of conduct on outsourcing of financial services, the RBI …

RBI Imposes Penalty On Axis Bank; Stock Declines 3 Per Cent
1 year, 1 month ago

RBI Imposes Penalty On Axis Bank; Stock Declines 3 Per Cent

ABP News  

The Reserve Bank of India on Thursday imposed a monetary penalty of Rs 90.92 lakh on Axis Bank for violation of certain directions. The RBI by an order dated November 02, 2023, imposed a monetary penalty of Rs 90.92 lakh on Axis Bank Ltd for non-compliance with certain directions. In a separate statement, the RBI said it has imposed a …

RBI penalises Sawantwadi Urban Co-operative Bank for non-compliances
1 year, 6 months ago

RBI penalises Sawantwadi Urban Co-operative Bank for non-compliances

Live Mint  

The Reserve Bank of India on Monday imposed a monetary penalty of ₹3 lakh on Sawantwadi Urban Co-operative Bank for contravention of directions contained in the Supervisory Action Framework. Read here: IKIO Lighting IPO: Ahead of subscription on Tuesday, GMP surges sharply; 10 key points here According to the central bank, the statutory inspection of the bank conducted by RBI …

RBI imposes fines on Vakrangee, LIC Housing for violating norms
2 years, 1 month ago

RBI imposes fines on Vakrangee, LIC Housing for violating norms

India TV News  

Highlights RBI imposed monetary penalty of Rs 1,76,00,000 on Vakrangee Ltd for non-compliance The regulator has imposed a Rs 30 lakh penalty on The Jammu and Kashmir State Co-operative Bank Ltd A fine of Rs 6 lakh on Mumbai-based The Pratap Co-operative Ltd The Reserve Bank on Monday said it has imposed penalties on various financial entities, including Rs 1.76 …

RBI imposes Rs 1.67 crore penalty on Ola Financial Services
2 years, 5 months ago

RBI imposes Rs 1.67 crore penalty on Ola Financial Services

India TV News  

The Reserve Bank on Tuesday imposed a penalty of over Rs 1.67 crore on Ola Financial Services for non-compliance with certain provisions related to pre-paid payment instruments and Know Your Customer norms. Ola Financial Services Private Limited, a subsidiary of ride-hailing app Ola, offers financial services such as lending for two-wheelers, four-wheelers, personal loans and insurance products. "After considering the …

RBI imposes Rs 1 cr penalty each on Kotak Mahindra Bank, IndusInd Bank
2 years, 5 months ago

RBI imposes Rs 1 cr penalty each on Kotak Mahindra Bank, IndusInd Bank

India TV News  

Highlights The RBI has also imposed penalties on four co-operative banks Kotak Mahindra Bank has been penalised for contravention of certain norms IndusInd Bank has been penalised for non-compliance with certain KYC norms RBI on Monday said it has imposed penalties of about Rs 1 crore each on Kotak Mahindra Bank and IndusInd Bank for deficiencies in regulatory compliance. A …

RBI slaps penalties on Axis, IDBI Bank
2 years, 8 months ago

RBI slaps penalties on Axis, IDBI Bank

India TV News  

Highlights Reserve Bank of India said it has imposed penalty of Rs 93 lakh on Axis Bank for various violations IDBI Bank has been penalised for non-compliance of directions - RBI slapped a fine of Rs 90 lakh. Private sector lender violated certain provisions on loans and advances, KYC guidelines: RBI Reserve Bank of India on Friday said it has …

RBI imposes Rs 1 crore penalty on One Mobikwik Systems, Spice Money
3 years ago

RBI imposes Rs 1 crore penalty on One Mobikwik Systems, Spice Money

India TV News  

Highlights RBI imposed a penalty of Rs 1 crore each on payment system operators One Mobikwik, Spice Money. RBI said that 2 entities hadn't complied with directions issued on networth requirement for BBPOUs The RBI, however, added that the penalties are based on deficiencies in regulatory compliance The Reserve Bank of India on Thursday said it has imposed a penalty …

RBI imposes penalty on PNB, ICICI Bank | Here's why
3 years ago

RBI imposes penalty on PNB, ICICI Bank | Here's why

India TV News  

Punjab National Bank and ICICI Bank were fined with a penalty of Rs. In a statement, the RBI said the Statutory Inspection for Supervisory Evaluation of Punjab National Bank was conducted by it with reference to its financial position as of March 31, 2019. In the case of the ICICI Bank, the RBI said the statutory inspection for supervisory evaluation …

Reserve Bank of India imposes Rs 1 crore penalty on Union Bank of India
3 years ago

Reserve Bank of India imposes Rs 1 crore penalty on Union Bank of India

Firstpost  

Last week, RBI imposed a monetary penalty of Rs 1 crore on the State Bank of India for contravention of a provision in the Banking Regulation Act, 1949 The Reserve Bank of India on Monday imposed a monetary penalty of Rs 1 crore on state-owned Union Bank of India for deficiencies in regulatory compliance. The banking regulator, in a statement, …

RBI imposes Rs 1 crore penalty on SBI over non-compliance
3 years, 2 months ago

RBI imposes Rs 1 crore penalty on SBI over non-compliance

India TV News  

The Reserve Bank of India on Monday said it has imposed a penalty of Rs one crore on the State Bank of India for non-compliance with the directions contained in ‘Reserve Bank of India directions 2016. "This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement …

RBI imposes Rs 30 lakh penalty on Pune-based Janata Sahakari Bank
3 years, 2 months ago

RBI imposes Rs 30 lakh penalty on Pune-based Janata Sahakari Bank

India TV News  

The Reserve Bank of India has imposed a penalty of Rs 30 lakh on Janata Sahakari Bank Ltd, Pune for non-compliance with certain directions. The penalty has been imposed for non-compliance with specific directions issued by RBI under the Supervisory Action Framework and RBI directions on 'Frauds in UCBs: Changes in Monitoring and Reporting mechanism'. The statutory inspection of the …

RBI imposes Rs 5-cr penalty on Axis Bank for rule violations
3 years, 4 months ago

RBI imposes Rs 5-cr penalty on Axis Bank for rule violations

India TV News  

The Reserve Bank of India on Tuesday said it has imposed a penalty of Rs 5 crore on Axis Bank for contravention of certain provisions of directions issued by the RBI, including on cybersecurity framework. The contravention of/ non-compliance with the directions has been revealed by — the examination of the Risk Assessment Reports pertaining to ISE 2017, ISE 2018 …

RBI imposes penalty on 14 banks for contravention of various norms
3 years, 5 months ago

RBI imposes penalty on 14 banks for contravention of various norms

The Hindu  

In a release Wednesday, the Reserve Bank of India said it has imposed a penalty of ₹145 million on 14 banks for breach of several norms. The provisions breached include guidelines on ‘Lending to Non-Banking Financial Companies’, ‘Bank Finance to Non-Banking Financial Companies’, ‘Loans and Advances Statutory and Other Restrictions’, ‘Creation of a Central Repository of Large Common Exposures Across …

RBI imposes Rs 14.5 crore penalty on State Bank of India, 13 other banks
3 years, 5 months ago

RBI imposes Rs 14.5 crore penalty on State Bank of India, 13 other banks

India TV News  

The Reserve Bank of India on Tuesday imposed a monetary penalty on fourteen banks, including the State Bank of India and Bank of Baroda for violation of various rules. As per an official release, the violence includes non-compliance with certain provisions of directions issued by RBI on 'Lending to Non-Banking Financial Companies ', 'Bank Finance to Non-Banking Financial Companies ', …

RBI imposes Rs 2 lakh penalty on THIS bank
3 years, 6 months ago

RBI imposes Rs 2 lakh penalty on THIS bank

India TV News  

The Reserve Bank of India on Tuesday imposed a penalty of Rs 2 lakh on Dhrangadhra People's Co-operative Bank, Surendranagar, Gujarat, for non-compliance with certain norms. The RBI said the penalty has been imposed for non-compliance with RBI directions on 'Placement of Deposits with Other Banks by Primary Co-operative Banks ' and 'Depositor Education and Awareness Fund Scheme 2014'. Giving …

RBI imposes Rs 6 crore penalty on Bank of India, Punjab National Bank
3 years, 6 months ago

RBI imposes Rs 6 crore penalty on Bank of India, Punjab National Bank

India TV News  

The RBI on Monday imposed penalty aggregating to Rs 6 crore on Bank of India and Punjab National Bank for contravention of norms, including one related to "Frauds – Classification and Reporting". A penalty of Rs 4 crore has been imposed on Bank of India and Rs 2 crore on Punjab National Bank. Examination of the risk assessment report pertaining …

RBI Imposes Rs 10 Cr Penalty on HDFC Bank Over Irregularities in Auto Loan Portfolio
3 years, 6 months ago

RBI Imposes Rs 10 Cr Penalty on HDFC Bank Over Irregularities in Auto Loan Portfolio

News 18  

The Reserve Bank has imposed a penalty of Rs 10 crore on HDFC Bank for deficiencies in regulatory compliances with regard to its auto loan portfolio. In a statement on Friday, the Reserve Bank of India said it has imposed a monetary penalty of Rs 10 crore on HDFC Bank for contraventions of certain provisions of the Banking Regulation Act, …

RBI imposes Rs 25.5 lakh penalty on Jaipur-based Jumbo Finvest (India)
3 years, 7 months ago

RBI imposes Rs 25.5 lakh penalty on Jaipur-based Jumbo Finvest (India)

India TV News  

The Reserve Bank of India on Tuesday said it has imposed a penalty o fRs 25.5 lakh on Jumbo Finvest Limited, Jaipur. In a release, the RBI said it imposed a monetary penalty of Rs 25.50 lakh on Jumbo Finvest for non-compliance with certain provisions of the directions issued by RBI contained in 'Non-Banking Financial Company - Systemically Important Non-Deposit …

RBI Imposes Rs 2 Crore Penalty on Deutsche Bank for Non-compliance of Directions
3 years, 11 months ago

RBI Imposes Rs 2 Crore Penalty on Deutsche Bank for Non-compliance of Directions

News 18  

The Reserve Bank on Tuesday imposed a penalty of Rs 2 crore on Deutsche Bank AG for non-compliance with certain provisions of directions concerning interest rate on deposits. The central bank said the statutory inspection of Deutsche Bank's financial position as on March 31, 2019 and the Risk Assessment Report revealed non-compliance with the 'Reserve Bank of India Directions, 2016'. …

RBI imposes Rs 50 lakh penalty on an urban co-operative bank in Kerala
4 years ago

RBI imposes Rs 50 lakh penalty on an urban co-operative bank in Kerala

India TV News  

The Reserve Bank of India on Tuesday said it has imposed a penalty of Rs 50 lakh on The Urban Co-operative Bank Ltd No. A notice was issued to the bank asking why penalty should not be imposed for non-compliance with the directions issued by RBI. "After considering the bank's written reply, RBI came to the conclusion that the charge …

RBI imposes ₹5 lakh penalty on Nissan Renault Financial Services India
4 years, 1 month ago

RBI imposes ₹5 lakh penalty on Nissan Renault Financial Services India

Live Mint  

Mumbai: The Reserve Bank of India has imposed a penalty of ₹5 lakh on Chennai-based Nissan Renault Financial Services India Private Limited for non-compliance with the central bank's directions. In a statement on Wednesday, RBI said the penalty has been imposed for non-compliance with its directions contained in Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking …

RBI Imposes Rs 50 Lakh Penalty on Central Bank of India
4 years, 1 month ago

RBI Imposes Rs 50 Lakh Penalty on Central Bank of India

News 18  

Mumbai: The Reserve Bank on Tuesday said it has imposed a penalty of Rs 50 lakh on state-run Central Bank of India for non-compliance with its directions on disbursal of some housing loans. “Reserve Bank of India has, by an order dated November 10, 2020, imposed a monetary penalty of Rs 50 lakh” on the bank for non-compliance with certain …

Reserve Bank of India Imposes Rs 15 Lakh Penalty on Two Co-operative Banks
4 years, 1 month ago

Reserve Bank of India Imposes Rs 15 Lakh Penalty on Two Co-operative Banks

News 18  

The RBI on Wednesday said it has imposed penalty totalling Rs 15 lakh on two co-operative banks, including Millath Co-operative Bank, Davangere for non-compliance with directions issued by it. A penalty of Rs 10 lakh has been imposed on Millath Co-operative Bank for “non-adherence/violation of all inclusive directions and other directions imposed on the bank”, the Reserve Bank of India …

Enforcement Action Taken against 41 Entities, Rs 61.15 Crore Fine Imposed, Says RBI
4 years, 3 months ago

Enforcement Action Taken against 41 Entities, Rs 61.15 Crore Fine Imposed, Says RBI

News 18  

The Reserve Bank of India took enforcement action against 41 regulated entities by imposing an aggregate penalty of Rs 61.15 crore between July 1, 2019, and June 30, 2020. During the July 2019-June 2020 period, the RBI undertook enforcement action against 41 REs and imposed an aggregate penalty of Rs 61.15 crore. The DICGC raised the limit of insurance cover …

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