Diabytes
RBI penalty News
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The RBI has sent notices to the entities, asking them to explain why penalties should not be imposed for their non-compliance.
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The Reserve Bank carried out scrutiny of the Indian Bank in July 2020 based on a high-value fraud reported by the bank.
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RBI informed about the penalties through multiple statements.
RBI said a Rs 55 lakh penalty has been imposed on The Visakhapatnam Co-operative Bank, Visakhapatnam, Andhra Pradesh.
Besides, Rs 1 lakh fine has been imposed on The Kendrapara Urban Cooperative Bank, Kendrapara and Rs 5 lakh on the National Urban Co-operative Bank Limited, Pratapgarh, Uttar Pradesh.
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The penalties imposed on these eight banks ranged from Rs 1 lakh to Rs 40 lakh.
Furthermore, the RBI imposed a monetary penalty on Spandana Sphoorty Financial, an NBFC.
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RBI has also imposed penalties on four co-operative banks.
A penalty of Rs 1.05 crore has been imposed on Kotak Mahindra Bank.
RBI said a penalty of Rs 1 crore has been imposed on IndusInd Bank for non-compliance with KYC.
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The central bank said a penalty of Rs 2 lakh has been imposed on Kokan Mercantile Co-operative Bank Ltd., Mumbai for similar non-compliance.
RBI has also imposed a penalty of Rs 1 lakh on the Samata Cooperative Development Bank Limited.
RBI said the penalities are based on deficiencies in regulatory compliance.
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It has imposed a monetary penalty of Rs 1 Crore on Union Bank of India.
This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949 (the Act).
RBI issued a notice to the bank advising it to show cause as to why penalty should not be imposed on it for non-compliance with the RBI directions.
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Statutory Inspections for Supervisory Evaluation (ISE) of SBI was conducted with reference to its financial positions.
A show cause notice was issued to the bank.
However, customers don't need to worry.
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RBI has slapped a penalty of Rs 1 crore on Paytm Payments Bank Limited.
RBI added that on examination of PPBL’s application for issue of final Certificate of Authorisation.
Besides Paytm Payments Bank, the RBI has also penalised Western Union Financial Services Inc (WUFSI).
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RBI slaps Rs 1 crore fine on SBI.
It also issued a notice to the lender, instructing it to show cause why a penalty should not be imposed on it for failing to comply with the stated directives.
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A penalty of Rs 2 crore each has been imposed on BTI Payments and Hitachi Payment Services, and Rs 1 crore each on Tata Communications Payment Solutions Ltd and Vakrangee Ltd.
RBI said on-site inspection of Transaction Analysts (India) revealed non-compliance with directions issued by it on escrow account balances, limits prescribed for certain transactions, and KYC.
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The RBI will start imposing penalty on banks in case the ATMs remain out-of-cash for a total period of 10 hours in a month from October 1, 2021, onwards.
The Reserve Bank of India has a mandate to issue banknotes and the banks are fulfilling this mandate by dispensing banknotes to the public through their wide network of branches and ATMs.
The Scheme will be effective from October 01, 2021.
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Subsequently, a notice was issued to the bank, advising it to show cause as to why a penalty should not be imposed for non-compliance with the directions.
It, however, added the penalty is based on 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.
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Giving details, the RBI said an examination of correspondence in the matter of shifting of securities from one category to another revealed, inter alia, contravention of the directions.
A notice was issued to ICICI Bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the directions issued by the RBI.
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A penalty of Rs 1 crore has been imposed on Andhra Bank for similar violations.
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Bajaj Finance is into businesses such as consumer finance, SME finance and commercial lending.
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The Reserve Bank of India (RBI) on Wednesday imposed monetary penalty on the Hongkong and Shanghai Banking Corporation Ltd. and the Kotak Mahindra Bank for violation of instructions on reporting requirements of FEMA 1999.
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RBI has imposed penalty of Rs 2 crore each on Allahabad Bank and UCO Bank, and Rs 1 crore on Bank of India for violation of anti-money laundering norms.
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ICICI Bank, Axis Bank, Canara Bank, IDBI Bank, Yes Bank and seven other banks have been penalised in the case of Deccan Chronicle Holdings, the RBI said today.
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