Desk
Share
Action taken by RBI: RBI is strict when it comes to rules about banking. This is the reason why RBI takes action whenever a bank defaults on a set of rules. Moving forward, in this episode, RBI has slapped a big penalty on the country’s largest government bank, SBI, and Jan Small Finance Bank. As per RBI, “It is taken for noncompliance relating to some norms.” RBI claimed that in both instances, the imposition of penalties was based on noncompliance. These rules which they intend to observe have nothing to do with any particular transaction or agreement between the banks and their clients.
What does RBI state?
With respect to the Compliance Norms, the RBI has imposed a penalty of Rs 1,72,80,000 on SBI for defaulting on prescribing some laon advances statutory and other restrictions, customer protection limiting the liability of customer in electronic Banking transactions and opening of current accounts by banks –s the need for discipline. In another press grabbing statement, the same Central Bank had announced that they impose 1 crorecharge to Jana Small Finance Bank Ltd for breach of particular processes of the Banking Regulation Act, 1949.
RBI fined 4 major banks
The Reserve Bank of India had already imposed fines on numerous large banks in the earlier week of May. ICICI Bank, Axis Bank, Bank of Maharashtra and IDBI District Banks were collectively fined Rs 91 crore. Each of these banks received separate fines, ICICI Bank paid Rs 97.80 lakh and Axis Bank Limited paid Rs 29.60 lakh. Bank of Maharashtra was charged with 31.80. IDBI also suffered Rp61.40 Damage. Central Reserve Bank. Bank of Baroda was imposed a further fine of 61.4 million.
Read More: Reliance Jio and Airtel Introduce Cheapest Annual Prepaid Plans for Long Term Users
