Fourteen banks, including State Bank of India (SBI), Bandhan Bank, Banco de Baroda, RBI imposes Rs 14.5 crore penalty on SBI, Bank of Baroda, 12 other banks have been subject to monetary penalties for different infractions of the rule.
RBI imposes Rs 14 cr penalty on SBI and Bank of Baroda
In accordance with the RBI’s rules, the breaches include the failure to comply with specific RBI instructions concerning the “loan to non-banking financial enterprises (NBFCs),” ‘NBFCs’ and ‘loans and advances,’
The Bank of Baroda (always 2 crores), Bandhan Bank, Bank of Maharashtra, Central Banco de India, Credit Suisse AG, RBI Kotak Mahindra bank, Indian Bank, IndusInd Bank, Karnataka Bank, Karur Vysya Bank, Punjab and Sind Bank, has been punished by the RBI.
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The Jammu & Kashmir Bank, South Indian Bank and the Utkarsh Small Finance Bank.
RBI also charged the State Bank of India with a 50 lakh fine (SBI).
Pursuant to the terms of Section 47A(1)(c) of the Bank Regulation Law of 1949, as applicable, the RBI stated in a statement, sanctions have been imposed in respect of the use of powers conferred on RBI.
“The purpose of this action is to determine the legality of any transaction or arrangement entered into with its clients by banks and is based on inadequacies in regulatory compliance,” said RBI.
The Jammu & Kashmir Bank, South Indian Bank and the Utkarsh Small Finance Bank, and RBI gold reserve
RBI also charged the State Bank of India with a 50 lakh fine (SBI).
Pursuant to the terms of Section 47A(1)(c) of the Bank Regulation Law of 1949, as applicable, the RBI stated in a statement, sanctions have been imposed in respect of the use of powers conferred on RBI.
“The purpose of this action is to determine the legality of any transaction or arrangement entered into with its clients by banks and is based on inadequacies in regulatory compliance,” said RBI.
The Jammu & Kashmir Bank, South Indian Bank and the Utkarsh Small Finance Bank.
RBI also charged the State Bank of India with a 50 lakh fine (SBI).
Pursuant to the terms of Section 47A(1)(c) of the Bank Regulation Law of 1949, as applicable, the RBI stated in a statement, sanctions have been imposed in respect of the use of powers conferred on RBI.
“The purpose of this action is to determine the legality of any transaction or arrangement entered into with its clients by banks and is based on inadequacies in regulatory compliance,” said RBI.
The Jammu & Kashmir Bank, South Indian Bank and the Utkarsh Small Finance Bank.
RBI also charged the State Bank of India with a 50 lakh fine (SBI).
Pursuant to the terms of Section 47A(1)(c) of the Bank Regulation Law of 1949, as applicable, the RBI stated in a statement, sanctions have been imposed in respect of the use of powers conferred on RBI.
“The purpose of this action is to determine the legality of any transaction or arrangement entered into with its clients by banks and is based on inadequacies in regulatory compliance,” said RBI.
The Jammu & Kashmir Bank, South Indian Bank and the Utkarsh Small Finance Bank.
RBI also charged the State Bank of India with a 50 lakh fine (SBI).
Pursuant to the terms of Section 47A(1)(c) of the Bank Regulation Law of 1949, as applicable, the RBI stated in a statement, sanctions have been imposed in respect of the use of powers conferred on RBI.
“The purpose of this action is to determine the legality of any transaction or arrangement entered into with its clients by banks and is based on inadequacies in regulatory compliance,” said RBI.
RBI imposes Rs 14.5 crore penalty :
On Tuesday 14 banks, including the State Bank of India (SBI) or the Bank of Baroda (BOB), were punished for breach of different regulations by the Reserve Bank of India (RBI) of the currency penalty.
In its official release, this violence includes non-compliance with certain provisions of RBI’s directives ‘Lending of Large Common Exposure Repository to NBFCs,’ ‘Bank Finance to NBFCs,” ‘Loans and Advances, Statute and Other Restrictions,’ read ‘Create a Central Repository of Large Common Exposure — Across Banks’
For breach of Article 19(2) and Section 20(1) of the Law on Banking Regulation of 1949, the Banks of Small Finance. RBI gold reserve
Bandhan Bank Ltd., Central Bank of India, Credit Suisse AG, Indian Bank, IndusInd Bank Ltd, Karnataka Bank Ltd., Punjab and Sind Bank, South Indian Bank Ltd, Jammu and Kashmir Bank Ltd., Utkarsh Small Finance Bank Ltd. and Two BOB crores were levied on RBI and an SBI penalty of fifty lakhs each.
In accordance with Article 47 A(1)(c), according to Article 46(4)(i) and 51(1) of the Bank Regulation Act, 1949, the sanctions were imposed in accordance with RBI powers,
For breach of Article 19(2) and Section 20(1) of the Law on Banking Regulation of 1949, the Banks of Small Finance
Bandhan Bank Ltd., Central Bank of India, Credit Suisse AG, Indian Bank, IndusInd Bank Ltd, Karnataka Bank Ltd., Punjab and Sind Bank, South Indian Bank Ltd, Jammu and Kashmir Bank Ltd., Utkarsh Small Finance Bank Ltd. and Two BOB crores were levied on RBI, and an SBI penalty of fifty lakhs each.
In accordance with Article 47 A(1)(c), according to Article 46(4)(i) and 51(1) of the Bank Regulation Act, 1949, the sanctions were imposed in accordance with RBI powers,
For breach of Article 19(2) and Section 20(1) of the Law on Banking Regulation of 1949, the Banks of Small Finance
Bandhan Bank Ltd., Central Bank of India, Credit Suisse AG, Indian Bank, IndusInd Bank Ltd, Karnataka Bank Ltd., Punjab and Sind Bank, South Indian Bank Ltd, Jammu and Kashmir Bank Ltd., Utkarsh Small Finance Bank Ltd. and Two BOB crores were levied on RBI, and an SBI penalty of fifty lakhs each.
In accordance with Article 47 A(1)(c), according to Article 46(4)(i) and 51(1) of the Bank Regulation Act, 1949, the sanctions were imposed in accordance with RBI powers,
RBI has imposed a penalty of one crore each on Bandhan Bank Ltd, Bank of Maharashtra, Central Bank of India, Credit Suisse AG, Indian Bank, IndusInd Bank Ltd, Karnataka Bank Ltd, Karur Vysya Bank Ltd, Punjab and Sind Bank, South Indian Bank Ltd, The Jammu and Kashmir Bank Ltd, Utkarsh Small Finance Bank Ltd, along with a penalty of two crores on BOB and fifty lakhs on SBI.
The penalties have been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and 51 (1), of the Banking Regulation Act, 1949, as applicable.
#RBI imposes Rs 14.5 crore penalty on SBI, Bank of Baroda, 12 other banks #RBI kotak mahindra bank #RBI gold reserve
“This 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 said in the release.
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