Photo: India Today
RBI Imposes Fine Of Rs 50 Lakh - Rs 2 Crore On 14 Banks
The Reserve Bank of India on July 6 imposed a monetary penalty on 14 Banks, considering the deficiencies in regulatory compliance under the Banking Regulation Act, 1949. However, the highest penalty of Rs 2 crore was imposed on the Bank of Baroda, whereas the lowest of Rs 50 lakh was imposed on SBI. Besides, the other 12 banks have to pay Rs 1 crore to the RBI.
Tags: RBI, penalty, Indian Banks, SBI, Banking Regulations act
Courtesy: Zee Business
Photo: The Logical Indian
HDFC Fined Rs 10 Cr Over Indulgence In Non-Financial Businesses
The HDFC Bank has been slapped with a monetary penalty of Rs 10 crore by the RBI for alleged irregularities in its vehicle loan division. As per reports, the bank was involved in non-financial businesses as it forcibly sold vehicle-tracking device to customers for four years, causing a breach of the Banking Regulations Act. The matter came into light after a whistleblower made a complaint in this regard in 2020.
Tags: RBI, HDFC BANK, Fine, Banking Regulations act
Courtesy: Business Today
Photo: Zee Business
RBI Forms Committee To Regulate Urban Cooperative Banks
The Reserve Bank of India on February 16 stated that it has constituted an eight-member panel to regulate primary urban cooperative banks (UCBs). Headed by former RBI deputy governor NS Vishwanathan, the expert committee is mandated to identify the key areas of the sector and recommend ways to strengthen UCBs. It will also suggest effective measures for faster resolution and rehabilitation of UCBs while adhering to the recently amended … read-more
Tags: RBI, urban cooperative banks, NS Vishwanathan, Banking Regulations act
Courtesy: Financial Express
