RBI: Many steps have been taken by the Reserve Bank of India from time to time. Now some banks have been fined by RBI. This penalty has been imposed for not following the instructions on the part of the banks. Let us know about it…
RBI News: Banks and finance institutions present in India also have to follow the rules of RBI. It has been seen many times that banks do not follow the rules and instructions of RBI, due to which they have to face fines. Now once again some banks have to face fines from RBI. Let us know about it…
Penalty for not following instructions
The Reserve Bank of India on Friday said that penalty has been imposed on Union Bank of India, RBL Bank and Bajaj Finance Limited for non-compliance with the instructions. The RBI said in a statement that a penalty of Rs 1 crore has been imposed on public sector Union Bank of India for non-compliance with its directions relating to ‘Loans and Advances – Statutory and Other Restrictions’.
This much fine
In another order, the central bank said a penalty of Rs 64 lakh has been imposed on private sector RBL Bank Ltd for non-compliance with the (Prior Approval for Acquisition of Shares or Voting Rights in Private Sector Banks) Guidelines, 2015. The central bank said in another release that ‘A fine of Rs 8.5 lakh has been imposed on Bajaj Finance Limited for non-compliance with the instructions related to monitoring of frauds in NBFCs.
They got approval
Meanwhile, the central bank also said that it has approved the plan of merger of Ahmedabad-based The Suvikas People’s Co-operative Bank Limited with ‘The Kalupur Commercial Co-operative Bank Limited’, Ahmedabad. This scheme will be implemented from October 16. The branches of Suvikas People’s Co-operative Bank Limited will function as branches of Kalupur Commercial Co-operative Bank from October 16. (input language)
