RBI imposes penalty on Bank of India, Bandhan Bank

Mar13,2024


RBI fines Bank of India, Bandhan Bank

New Delhi: Reserve Bank of India (RBI) has imposed a penalty on Bank of India. Bandhan BankAnd Indostar Capital Finance Limited For non-compliance with regulatory standards, A fine of Rs 1.4 crore has been imposed on Bank of India for violating this. reserve Bank of IndiaInstructions on interest rates, customer service and provisions of Credit Information Companies Rules, 2006.
A fine of Rs 29.55 lakh has been imposed on Bandhan Bank for not following certain instructions. IndoStar Capital Finance Ltd has been fined Rs 13.60 lakh for non-compliance with 'Monitoring of Frauds in NBFCs (Reserve Bank) Guidelines, 2016' and KYC provisions.
The penalty was imposed after the RBI conducted statutory inspections to evaluate the financial position of banks. It is important to note that the penalties are for regulatory compliance issues and do not call into question the validity of any transactions or agreements with clients.
RBI aims to ensure that banks and financial institutions follow necessary regulations to maintain transparency and protect the interests of customers.
(with agency input)



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