RBI imposes Rs 5 cr penalty on four public sector lenders for violation of various banking norms
6 years, 1 month ago

RBI imposes Rs 5 cr penalty on four public sector lenders for violation of various banking norms

Firstpost  

The RBI said the fines are based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers. Mumbai: The Reserve Bank of India on Wednesday imposed penalties of Rs 5 crore on four public sector banks including SBI and Corporation Bank for violation of various banking norms. The monetary penalty on the banks has been imposed for non-compliance with various directions issued by RBI on monitoring of end use of funds, exchange of information with other banks, classification and reporting of frauds, and on restructuring of accounts, RBI said in a statement. The RBI, however, added the fines are based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

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Video: Chaos at New India Co-operative Bank branches after RBI restrictions
1 month, 1 week ago

Video: Chaos at New India Co-operative Bank branches after RBI restrictions

India Today  

The Reserve Bank of India on Thursday barred Mumbai-based New India Co-operative Bank Limited from issuing new loans, accepting fresh deposits and suspended deposit withdrawals for the next six months, citing supervisory concerns and the bank’s liquidity position. The restrictions have led to panic among account holders, with customers lining up outside bank branches in Mumbai and Thane, demanding access …

RBI imposes over Rs 60 lakh penalty on these two banks: Check names and reason
1 month, 1 week ago

RBI imposes over Rs 60 lakh penalty on these two banks: Check names and reason

India TV News  

The Reserve Bank of India has imposed penalties totalling Rs 68.1 lakh on Nainital Bank and Ujjivan Small Finance Bank for violations of regulatory norms. According to an official statement released on Friday, Nainital Bank Ltd faced a penalty of Rs 61.40 lakh for non-compliance with RBI’s guidelines on ‘Interest Rate on Advances’ and ‘Customer Service in Banks’. Further, RBI …

RBI imposes Rs 4 lakh penalty on Odisha State Co-operative Bank for regulatory non-compliance
Trending News
1 month, 3 weeks ago

RBI imposes Rs 4 lakh penalty on Odisha State Co-operative Bank for regulatory non-compliance

New Indian Express  

BHUBANESWAR: The Reserve Bank of India has imposed a Rs 4 lakh penalty on Odisha State Co-operative Bank Ltd for non-compliance with certain provisions of Banking Regulation Act, 1949. Sources said, the fine has been imposed on OSCB Ltd for allegedly failing to dispose of certain non-banking assets and transfer eligible unclaimed amounts to the depositor education and awareness fund …

RBI imposes Rs 4 lakh penalty on Odisha State Co-operative Bank
Trending News
1 month, 3 weeks ago

RBI imposes Rs 4 lakh penalty on Odisha State Co-operative Bank

New Indian Express  

BHUBANESWAR: The Reserve Bank of India has imposed a penalty on Odisha State Co-operative Bank Ltd for non-compliance with certain provisions of the Banking Regulation Act, 1949. Sources said a penalty of Rs 4 lakh has been imposed on OSCB Ltd for allegedly failing to dispose of certain non-banking assets and transfer eligible unclaimed amounts to the depositor education and …

Banks, payment cos to pay Rs 10 lakh penalty for non-compliance with payment norms
1 month, 3 weeks ago

Banks, payment cos to pay Rs 10 lakh penalty for non-compliance with payment norms

Deccan Chronicle  

Mumbai: The Reserve Bank of India on Thursday revised the framework for imposing monetary penalty and compounding of offences under the Payment and Settlement Systems Act, 2007. Under the revised norms, the central bank can impose a penalty not exceeding Rs 10 lakh or twice the amount involved if an entity operates a payment system without authorisation or has inadequate …

RBI Report: Bank frauds increased eight-fold in first half of current fiscal
2 months, 3 weeks ago

RBI Report: Bank frauds increased eight-fold in first half of current fiscal

Deccan Chronicle  

New Delhi: Facing multiple challenges for the financial system in the country, the Reserve bank of India on Thursday said that the number of bank frauds witnessed a significant rise of eight-fold to Rs 21,367 crore in over 18,000 cases in the first half of the current fiscal. “The number of frauds during April-September stood at 18,461 involving Rs 21,367 …

RBI imposes penalty on IndusInd Bank for regulatory compliance deficiencies
3 months 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 fines IndusInd Bank ₹27 lakh over non-compliance
3 months ago

RBI fines IndusInd Bank ₹27 lakh over non-compliance

Live Mint  

The Reserve Bank of India imposes a penalty of ₹27 lakh on IndusInd Bank for not complying with norms. “The Reserve Bank of India has, by an order dated December 18, 2024, imposed a monetary penalty of ₹27.30 lakh on IndusInd Bank Ltd. for non-compliance with certain provisions of ‘Reserve Bank of India Directions, 2016’,”the central bank said in statement …

RBI imposes monetary penalty on Axis Bank and HDFC Bank—here’s why
6 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
7 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
7 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
9 months 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
9 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 …

RBI Imposes Rs 1.91-Crore Penalties on Yes Bank, ICICI Bank For Non-Compliance With Norms
9 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 …

RBI imposes monetary penalty on Yes Bank and ICICI Bank. Here's why
9 months, 3 weeks ago

RBI imposes monetary penalty on Yes Bank and ICICI Bank. Here's why

Hindustan Times  

The Reserve Bank of India has imposed monetary penalty on Yes Bank and ICICI Bank for non-compliances with certain directions issued by it. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it …

Finance Ministry’s Financial Intelligence Unit imposes ₹5.49 crore fine on Paytm Payments Bank for PMLA lapses
1 year ago

Finance Ministry’s Financial Intelligence Unit imposes ₹5.49 crore fine on Paytm Payments Bank for PMLA lapses

The Hindu  

The Financial Intelligence Unit-India under the Union Finance Ministry has slapped a ₹5.49 crore penalty on Paytm Payments Bank Limited for violations of the Prevention of Money Laundering Act, after finding substantial proof of money generated from illegal activity being routed through accounts held by some entities with the bank. proceeds of crime were routed and channelled through bank accounts …

Paytm Payments Bank: A look at previous RBI actions against Paytm subsidiary
1 year, 1 month 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
1 year, 2 months 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
1 year, 2 months 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 imposes monetary penalty on five co-operative banks. Details here
1 year, 2 months ago

RBI imposes monetary penalty on five co-operative banks. Details here

Live Mint  

The Reserve Bank of India has imposed monetary penalties on five co-operative banks for deficiencies in regulatory compliance. The co-operative banks that faced the central bank's action are Navsarjan Industrial Co-operative Bank Ltd, Mehsana Jilla Panchayat Karmachari Co-operative Bank Ltd, Halol Urban Co-operative Bank Ltd, Stambhadri Co-operative Urban Bank Ltd and Subramanianagar Co-operative Urban Bank Ltd. The Reserve Bank imposed …

RBI penalises ₹10.34 crore on Citibank, BoB, IOB for non-compliance
1 year, 3 months 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, 4 months 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 Imposes Rs 90.92 Lakh Penalty on Axis Bank, Rs 42.78 Lakh Fine on Manappuram Finance
1 year, 4 months 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 …

RBI imposes monetary penalty on five co-operative banks. Details here
1 year, 5 months ago

RBI imposes monetary penalty on five co-operative banks. Details here

Live Mint  

The Reserve Bank has imposed monetary penalties on five co-operative banks for deficiencies in regulatory compliance. These co-operative banks are: SBPP Co-operative Bank Ltd, The Sahayadri Sahakari Bank Ltd, Rahimatpur Sahakari Bank Ltd, The Gadhinglaj Urban Co-operative Bank Ltd and The Kalyan Janata Sahakari Bank Ltd. The Reserve Bank imposed a monetary penalty of ₹13 lakh on SBPP Co-operative Bank …

RBI prohibits penal interest on loans for contractual non-compliance
1 year, 7 months ago

RBI prohibits penal interest on loans for contractual non-compliance

Hindustan Times  

India's central bank on Friday forbids banks and other lenders from charging penal interest from borrowers for not complying with the contractual terms and conditions of a loan to ensure fair lending practices and protect the interest of consumers. RBI said the intent of levying a penal charge is "essentially to inculcate a sense of credit discipline" and not as …

Lenders can impose penalty on defaults only as 'penal charges': RBI
1 year, 7 months ago

Lenders can impose penalty on defaults only as 'penal charges': RBI

Business Standard  

The regulator said it has been observed that many REs use penal rates of interest, over and above the applicable interest rates, in case of defaults/non-compliance by the borrower with the terms on which credit facilities were sanctioned. The Reserve Bank of India said on Friday that the penalty imposed by regulated entities on customers for defaults and breaching conditions …

New RBI rules to regulate penal charges on loans from next year
1 year, 7 months ago

New RBI rules to regulate penal charges on loans from next year

Live Mint  

The Reserve Bank of India has issued instructions for penal charges in loan accounts to ensure transparency in the disclosure of penal charges and interest rates in loan accounts. RBI has issued the following instructions 1)Penalty, if charged, for non-compliance of material terms and conditions of the loan contract by the borrower shall be treated as ‘penal charges’ and shall …

RBI penalises Sawantwadi Urban Co-operative Bank for non-compliances
1 year, 9 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 …

Explained | RBI’s draft guidelines on penal charges for loans
1 year, 11 months ago

Explained | RBI’s draft guidelines on penal charges for loans

The Hindu  

The story so far: Central banking regulator Reserve Bank of India on April 12 introduced for public consultation draft guidelines for the levy of ‘penal charges’ instead of the existing ‘penal interest’ imposed by banks on customers for defaulting on loan payments. According to the draft guidelines, penalties charged for default on interest payments or non-compliance of material terms and …

RBI Imposes Monetary Penalty On 4 Cooperative Banks For Rule Violations
2 years, 2 months ago

RBI Imposes Monetary Penalty On 4 Cooperative Banks For Rule Violations

ABP News  

The Reserve Bank of India on Monday imposed a monetary penalty on four cooperative banks for violating rules. These banks are Baghat Urban Co-operative Bank, the Sahebrao Deshmukh Cooperative Bank, Sharad Sahakari Bank and Col. R.D. The RBI imposed Rs 8 lakh penalty on Baghat Urban Co-operative Bank, Solan, Himachal Pradesh, Rs 6 lakh on Sharad Sahakari Bank, Pune, and …

RBI imposes monetary penalty on Zoroastrian Co-operative and Bharat Co-operative Bank; here's why
2 years, 3 months ago

RBI imposes monetary penalty on Zoroastrian Co-operative and Bharat Co-operative Bank; here's why

Firstpost  

Bharat Co-operative Bank has been fined Rs 50 lakh by the RBI for not complying with its directives. The Zoroastrian Co-operative Bank was fined Rs 1.25 crore as well Monetary penalty has been imposed on two Mumbai-based cooperative banks, namely Zoroastrian Co-operative Bank and the Bharat Co-operative Bank by the Reserve Bank of India for violating rules. The monetary action …

RBI imposes fines on Vakrangee, LIC Housing for violating norms
2 years, 4 months 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, 8 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, 8 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 imposes monetary penalty on Indian Overseas Bank for non-compliance
2 years, 8 months ago

RBI imposes monetary penalty on Indian Overseas Bank for non-compliance

Live Mint  

The Reserve Bank of India on Friday imposed a monetary penalty of ₹57.50 lakh on the government-owned Indian Overseas Bank for non-compliance with certain directions. Before the penalty, RBI had conducted a statutory inspection for supervisory evaluation of the bank regarding its financial position as of March 31, 2020, and the examination of the Risk Assessment Report, Inspection Report, and …

Bank Fraud: Lenders to Approach RBI to Seek Change in Definition; Here's Why
2 years, 10 months ago

Bank Fraud: Lenders to Approach RBI to Seek Change in Definition; Here's Why

News 18  

As part of efforts to move away from the requirement of all banks to label a borrowing company and all its accounts as ‘fraud’ when one lender puts such a fraud tag, banks are planning to approach the Reserve Bank of India to seek a change in the definition of ‘fraud’, according to an ET report. The current rule of …

RBI slaps penalties on Axis, IDBI Bank
2 years, 11 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, 2 months 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, 3 months 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, 3 months 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, 5 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 bans Srei Infra auditor Haribhakti & Co for two years
3 years, 5 months ago

RBI bans Srei Infra auditor Haribhakti & Co for two years

India TV News  

The Reserve Bank of India on Tuesday banned one of the country's top chartered accountant firms Haribhakti & Co LLP from undertaking any type of audit assignments for regulated entities for a period of two years starting April 1, 2022. Haribhakti & Co LLP was the auditor of Srei Infrastructure Finance Limited, whose board was superseded by the RBI and …

RBI imposes Rs 30 lakh penalty on Pune-based Janata Sahakari Bank
3 years, 5 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 fines Axis Bank for non-compliance with provisions of KYC norms
3 years, 6 months ago

RBI fines Axis Bank for non-compliance with provisions of KYC norms

Live Mint  

The Reserve Bank of India has imposed a monetary penalty of ₹25 lakh on Axis Bank Limited for violation of rules, the central bank informed on Wednesday. An order dated 1 September said the monetary penalty was imposed for “contravention of/non-compliance with certain provisions of directions issued by RBI contained in the Reserve Bank of India – ) Direction, 2016”. …

RBI imposes Rs 5-cr penalty on Axis Bank for rule violations
3 years, 7 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, 8 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, 8 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 a total penalty of Rs 8 lakh on 3 banks
3 years, 8 months ago

RBI imposes a total penalty of Rs 8 lakh on 3 banks

India TV News  

The Reserve Bank of India on Wednesday imposed a total penalty of Rs 8 lakh on three Maharashtra-based co-operative banks for deficiencies in regulatory compliance. A penalty of Rs 4 lakh has been imposed on Excellent Co-operative Bank, Mumbai, and Rs 2 lakh each on Janseva Sahakari Bank Limited, Pune and The Ajara Urban Co-operative Bank, Ajara. The penalty on …

RBI imposes Rs 23 lakh fine on THESE co-operative banks
3 years, 9 months ago

RBI imposes Rs 23 lakh fine on THESE co-operative banks

India TV News  

RBI imposes Rs 23 lakh fine on THESE co-operative banks The RBI said the penalties have been imposed due to deficiencies in regulatory compliance, and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. The Reserve Bank of India on Monday imposed penalties of Rs 23 lakh on …

RBI imposes Rs 11 lakh penalty on THESE banks
3 years, 9 months ago

RBI imposes Rs 11 lakh penalty on THESE banks

India TV News  

RBI imposes Rs 11 lakh penalty on THESE banks The RBI said the penalties have been imposed based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered by the two lenders with their customers. The Reserve Bank of India on Tuesday imposed a penalty of Rs 11 lakh on …

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