Wednesday, July 28, 2021

RBI imposes penalty on 14 banks for non-compliance of rules

The Reserve Bank of India has imposed monetary penalties on 14 banks including Bank of Baroda and State Bank of India (SBI) for non-compliance of rules. While Bank of Baroda has been fined two crore rupees, Bandhan Bank, Bank of Maharashtra, Central Bank of India, Credit Suisse, Indian Bank, IndusInd Bank, Karnataka Bank, Karur Vysya Bank, Punjab and Sind Bank, South Indian Bank, Jammu & Kashmir Bank and Utkarsh Small Finance Bank have been fine one crore rupees of penalty each. The SBI has been fined 50 lakh rupees.

In a press release, the RBI said the violations include non-compliance with certain provisions of directions issued by RBI on Lending to Non-Banking Financial Companies (NBFCs), Bank Finance to Non-Banking Financial Companies (NBFCs), and Loans and Advances – Statutory and Other Restrictions.

RBI said, the action is based on the 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.

RBI further informed that it has issued notices to the said banks after scrutiny of accounts and the penalty was levied only after duly considering the extent the charges of non-compliance with RBI directions/contraventions of provisions of Banking Regulation Act, 1949.

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