RBI: Reserve Bank took strict action against three banks including Bank of Baroda, imposed fine of crores
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reserve Bank of India (Reserve Bank Of India) on Friday imposed a total fine of Rs 10.34 crore on Citi Bank, Bank of Baroda and Indian Overseas Bank for violation of various regulatory norms. The Reserve Bank said in a statement that a maximum penalty of Rs 5 crore has been imposed on Citibank NA for non-compliance with norms related to the Depositor Education and Awareness Fund Scheme and the Code of Conduct on Outsourcing of Financial Services. Another release said that a fine of Rs 4.34 crore was imposed on public sector Bank of Baroda for violation of certain instructions related to formation of ‘Central Repository’ and other matters related to loans. Apart from this, a fine of Rs 1 crore was imposed on Chennai-based public sector Indian Overseas Bank for violation of loan related instructions. Regarding all three cases, the Reserve Bank said that the penalty is based on deficiencies in regulatory compliance. It is not intended to affect the validity of any transaction or agreement entered into by banks with their customers.
Reserve Bank removed the board of directors of Abhyudaya Cooperative Bank due to poor governance.
The Reserve Bank of India (RBI) on Friday suspended the board of directors of Abhyudaya Cooperative Bank for one year due to poor governance standards. Along with this, the Central Bank has appointed an administrator for the management of the co-operative bank. The Reserve Bank said that former Chief General Manager of State Bank of India, Satya Prakash Pathak, has been appointed Administrator of the Mumbai-based bank for one year. Besides, a committee of advisors has also been appointed to assist the administrator. The Reserve Bank has not imposed any business restrictions on Abhyudaya Cooperative Bank and it will continue its normal banking activities under the guidance of the Bank Administrator.
RBI includes 19 unauthorized forex trading platforms in warning list
The Reserve Bank of India (RBI) on Friday said it has added 19 entities to its warning list of unauthorized forex trading platforms. These include FX Smartbull, Just Markets and Godo FX. With this, the number of institutions included in the warning list has increased to 75. The warning list includes those entities which are not authorized to deal in foreign exchange under the Foreign Exchange Management Act, 1999 (FEMA). Additionally, they are also not authorized to operate electronic trading platforms (ETPs) for foreign exchange transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018. Other entities added to the list are Admiral Markets, Blackbull, EG Markets, Enclave FX, Finoviz Fintech, FX Smartbull, FX Trey Markets, Forex4U, Growing Capital Services and HF Markets. Apart from this, HYCM Capital Markets, JGCFX, PU Prime, Real Gold Capital, TNFX, Ye Markets and Get Trade are also included in this list.
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