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”. The RBI had carried out a scrutiny of Axis Bank last year in a customer account maintained with the bank and it was observed that the bank had failed to comply with the aforesaid directions issued by RBI, the regulator said. “A scrutiny was carried out by RBI during February 2020 and March 2020 in a customer account maintained with the bank and it was observed that the bank had failed to comply with the aforesaid directions issued by RBI, ie., the bank failed to monitor/carry out on-going due diligence in the said account to ensure that the transactions were consistent with its knowledge about the customer, customer’s business and risk profile," the RBI statement read.

Bank Rbi Customer  account  imposed  failed  scrutiny  norms  axis  kyc  provisions  fines  rbi  issued  penalty  directions  customer  noncompliance  bank

History of this topic

RBI imposes penalties on HDFC Bank, Punjab & Sind Bank
20 hours, 8 minutes ago

RBI imposes penalties on HDFC Bank, Punjab & Sind Bank

The Hindu  

The Reserve Bank on Wednesday said it has imposed penalties on HDFC Bank and Punjab & Sind Bank for deficiencies in regulatory compliance. A penalty of ₹75 lakh on HDFC Bank has been imposed for non-compliance with certain directions issued by RBI on 'Know Your Customer', the central bank said in a statement. In another statement, the RBI said a …

Axis Securities penalised ₹10 lakh by Sebi for flouting stock broker rules
1 month ago

Axis Securities penalised ₹10 lakh by Sebi for flouting stock broker rules

Live Mint  

Capital markets regulator Sebi has imposed a penalty of ₹10 lakh on Axis Securities for flouting stock brokers rules as well as other regulatory norms. In an 82-page order, Sebi found that Axis Securities failed to follow regulatory procedures in several areas, including reporting discrepancies and improper handling of client funds. The market regulator found that Axis Securities had inconsistencies …

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, 4 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 imposes penalty on IndusInd Bank for regulatory compliance deficiencies
3 months, 1 week 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, 1 week 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, 2 weeks 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 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 Penalty Of ₹1.9 Lakh On Muthoot Finance For KYC Non-Compliance
8 months ago

RBI Imposes Penalty Of ₹1.9 Lakh On Muthoot Finance For KYC Non-Compliance

Live Law  

The Reserve Bank of India imposed a monetary penalty on Muthoot Finance Limited for failing to adhere to the 'Know Your Customer Directions, 2016'. Clause of sub-section of section 58G of the Reserve Bank of India Act, 1934 empowers the RBI to impose monetary penalties on banks and financial institutions for contraventions or non-compliance with any direction, rule, or regulation …

RBI imposes ₹29.60 lakh fine on HSBC Bank for card rule violations
8 months, 3 weeks ago

RBI imposes ₹29.60 lakh fine on HSBC Bank for card rule violations

Hindustan Times  

The RBI on Friday said it has imposed a penalty of ₹29.6 lakh on The Hongkong and Shanghai Banking Corporation Limited for non-compliance with certain directions related to cards. RBI imposed a penalty on HSBC for non-compliance on 'Credit Card, Debit Card and Rupee Denominated Co-branded Pre-paid Card operations of Banks Why did the RBI impose the penalty on HSBC? …

RBI imposes 1.45 crore fine on Central Bank of India, 96.4 lakh fine on Bangladesh's Sonali Bank
9 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
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 …

Axis Bank fined ₹1.66 crore for failing to detect and report fraud NSG account and transaction
9 months, 2 weeks 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
9 months, 2 weeks 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
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 …

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 penalises ₹10.34 crore on Citibank, BoB, IOB for non-compliance
1 year, 4 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 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 …

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 …

Banks Imposing Ceiling Limit In Non-Base Branches To Prevent Frauds Does Not Violate Banking Regulations Act Or NI Act: Madras High Court
2 years, 3 months ago

Banks Imposing Ceiling Limit In Non-Base Branches To Prevent Frauds Does Not Violate Banking Regulations Act Or NI Act: Madras High Court

Live Law  

The Madras High Court recently observed that banks setting up ceiling limits based on the Reserve Bank of India's circular in non-base branches are not violative of the Banking Regulation Act. Since the main areas in which frauds occurred were by way of fraudulent withdrawal of funds from deposit accounts, the RBI issued circular directing Banks to fix suitable ceilings …

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 fine on bank for KYC violations. See details
2 years, 8 months ago

RBI imposes fine on bank for KYC violations. See details

Live Mint  

The Reserve Bank of India said that it has imposed fine worth of ₹10 lakh on The Tiruchengode Co-operative Urban Bank, Tiruchengode, Tamil Nadu, for non-adherence or violation of directions issued under various guidelines including Know Your Customer Guidelines, the central bank said in a statement. "This action is based on deficiencies in regulatory compliance and is not intended to …

RBI imposes monetary penalty on Indian Overseas Bank for non-compliance
2 years, 9 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 …

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, 3 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 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 Sarvodaya Co-operative Bank ₹2 lakh for KYC norms violation
3 years, 6 months ago

RBI fines Sarvodaya Co-operative Bank ₹2 lakh for KYC norms violation

Live Mint  

Reserve Bank of India has imposed a fine of ₹2 lakh on Mumbai-based Sarvodaya Co-operative Bank for violation of know your customer regulations. “The Reserve Bank of India has imposed, by an order dated September 06, 2021, a monetary penalty of ₹2.00 lakh on Sarvodaya Cooperative Bank Ltd., Bhandup, Mumbai for contravention of/noncompliance with directions issued by RBI on Know …

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, 9 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 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 …

RBI imposes Rs 2 lakh penalty on THIS bank
3 years, 9 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, 9 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, 9 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 relaxes KYC norms, tells banks not to impose any restriction till December-end
3 years, 10 months ago

RBI relaxes KYC norms, tells banks not to impose any restriction till December-end

India TV News  

The Reserve Bank on Wednesday asked banks and other regulated financial entities not to impose any punitive restriction against customers for failure to update KYC till December end, in view of the second wave of coronavirus cases. The RBI has also decided to extend the scope of video KYC or V-CIP for new categories of customers such as proprietorship firms, …

RBI imposes Rs 25.5 lakh penalty on Jaipur-based Jumbo Finvest (India)
3 years, 10 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 …

Discover Related