RBI slaps Axis Bank with Rs 25 lakh fine Learn more:

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The Reserve Bank of India (RBI) in an order dated 01 September 2021 has imposed financial penalty of Rs. 25 lakhs (only Rs. KYC)) Guidelines, 2016. Penalties have been imposed on the exercise of vested powers of the RBI under Sections 47A (1) (c), including Section 46 (4) (i) of the Banking Regulation Act, 1949 (Act), according to a press report by the Central Bank. . “This measure is based on a lack of regulatory compliance and the bank does not intend to disclose the legitimacy of any transaction or agreement with its customers,” the RBI said.

“Between February 2020 and March 2020, a verification was made in the customer account held by the RBI in the bank and it was found that the bank failed to comply with the guidelines issued by the RBI, i.e. the bank failed to monitor / transact transactions with customers, customers and businesses. Make sure that the account is consistent with his knowledge of the profile, and that he should not be fined for violating the guidelines, as stated, “according to the central bank.

“After considering the bank’s response to the notice and the oral submissions during the private hearing, the RBI concludes that the allegation of violation / non-compliance with the above RBI guidelines has been substantiated and fines have been imposed. Failure to comply with the aforesaid instructions,” Done.

 

On the other hand, the Reserve Bank of India (RBI) in an order dated 01 September 2021 has imposed a fine of Rs 2.00 lakh (only Rs 2 lakh) on First Teacher Sahayak Bank Limited, Satara (Bank). / Non-consent. “These fines are deemed to be in accordance with the provisions of Section 47 A (1) (c), Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949. The failure of the bank to comply with the aforesaid directions given by the RBI. Statement of.

The RBI order added that “on March 31, 2019, the bank published its inspection report based on its financial position, among other things, that the bank did not comply with the prudent inter-bank single counter limit, why not be fined for violating the above guidelines.” A notice was issued to the bank to show cause.

“After considering the bank’s response to the notice and verbal submissions during the private hearing, the RBI has concluded that the above allegation of non-compliance with the RBI directives has been substantiated and there is an obligation to impose financial penalties,” the statement added.

 

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