RBI slaps Rs 2 crore fine on RBL Bank for deficiencies
NS Reserve Bank of India (RBI) has been fined Rs 2 crore Feather RBL Bank for non-compliance with the provisions of Banking Regulation Act, 1949. RBI stated that the penalty has been imposed in exercise of the powers vested under the provisions of Section 47A(1)(c) reads with Section 46(4)(i) of the Act. An investigation by the RBI revealed that the private lender was non-compliant in opening five savings deposit accounts for the co-operative bank.
The Reserve Bank of India (RBI) also imposed a fine Jammu and Kashmir (Jammu and Kashmir) State Co-operative Bank, Srinagar Together 11 lakh fine for inadequacies in regulatory compliance. According to the report, the violation of Section 23 read with Section 56 of the Banking Regulation Act, 1949, as the J&K State Co-operative Bank had opened branches without prior permission from the RBI.
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