RBI slaps ₹2.27 crore fine on RBL Bank for rule violations

The RBI stated the penalty on RBL Bank is primarily based totally at the deficiencies in regulatory compliance referring to the length financial 2018-19 to 2021-22.

The Reserve Bank of India on Monday stated it has imposed a penalty of ₹2.27 crore on RBL Bank Ltd for non-compliance with norms associated with healing agents.

In a statement, the Reserve Bank of India (RBI) stated the penalty has been imposed for non-compliance with sure provisions of the instructions issued with the aid of using it on `Internal Ombudsman Scheme, 2018', 'Fair Practices Code for Lenders', 'Credit Card Operations of Banks', 

Managing Risks and Code of Conduct in Outsourcing of Financial Services with the aid of using banks' and 'Recovery Agents engaged with the aid of using Banks'.

RBI, however, stated the penalty is primarily based totally at the deficiencies in regulatory compliance found referring to the length financial 2018-19 to 2021-22 and isn't supposed to pronounce upon the validity of any transaction or settlement entered into with the aid of using the financial institution with its customers.

Meanwhile, the vital financial institution has additionally imposed consequences on numerous cooperative banks for contravention of its different 

The cooperative banks on which consequences were imposed consist of Lokmangal Co-operative Bank, Solapur; Jila Sahakari Kendriya Bank Maryadit, Raisen; Smriti Nagrik Sahakari Bank Maryadit, Mandsaur; Raigad Sahakari Bank, Mumbai; Noble Co-operative Bank, Noida; and Imperial Urban Co-operative Bank, Jalandhar.

The consequences are primarily based totally at the deficiencies in regulatory compliance isn't supposed to pronounce upon the validity of any transaction or settlement entered into with the aid of using the financial institution with its customers, RBI stated.