Reserve Bank imposes fine on Bank of India, Bandhan Bank
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The Reserve Bank of India (RBI) on Wednesday said it has imposed a penalty of Rs 1.4 crore on Bank of India for non-compliance with certain regulatory norms.
The Reserve Bank has also imposed a fine of Rs 29.55 lakh on private sector Bandhan Bank for non-compliance with certain instructions. The penalty has been imposed on Bank of India for non-compliance of Reserve Bank of India directions related to interest rates on deposits, customer service in banks, interest rates on loans and violation of the provisions of the Credit Information Companies Rules, 2006.
Meanwhile, the Reserve Bank also said that a penalty of Rs 13.60 lakh has been imposed on Indostar Capital Finance Ltd for non-compliance with certain provisions of the NBFC (Reserve Bank) Guidelines, Monitoring of Frauds and KYC Directions, 2016.
The Reserve Bank said that in all cases, the penalty has been imposed for deficiencies in regulatory compliance. It is not intended to affect the validity of any transaction or agreement entered into by entities with their customers.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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