MUMBAI: The Reserve Bank of India on Monday mentioned it has imposed a penalty of Rs 2.27 crore on RBL Bank Ltd for non-compliance with norms associated with restoration brokers.
In a observation, the Reserve Bank of India (RBI) mentioned the penalty has been imposed for non-compliance with positive provisions of the instructions issued via 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 via banks’ and ‘Recovery Agents engaged via Banks’.
RBI, on the other hand, mentioned the penalty is in response to the deficiencies in regulatory compliance seen in terms of the duration fiscal 2018-19 to 2021-22 and isn’t meant to pronounce upon the validity of any transaction or settlement entered into via the financial institution with its consumers .
Meanwhile, the central financial institution has additionally imposed consequences on a number of cooperative banks for contravention of its quite a lot of norms.
The cooperative banks on which consequences had been imposed come with Lokmangal Co-operative Bank, Solapur; District Sahakari Kendriya Bank Maryadit, Raisen; Smriti Nagrik Sahakari Bank Maryadit, Mandsaur; Raigad Sahkari Bank, Mumbai; Noble Co-Operative Bank, Noida; and Imperial Urban Co-operative Bank, Jalandhar.
The consequences are in response to the deficiencies in regulatory compliance and aren’t meant to pronounce upon the validity of any transaction or settlement entered into via the financial institution with its consumers, RBI mentioned.
In a observation, the Reserve Bank of India (RBI) mentioned the penalty has been imposed for non-compliance with positive provisions of the instructions issued via 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 via banks’ and ‘Recovery Agents engaged via Banks’.
RBI, on the other hand, mentioned the penalty is in response to the deficiencies in regulatory compliance seen in terms of the duration fiscal 2018-19 to 2021-22 and isn’t meant to pronounce upon the validity of any transaction or settlement entered into via the financial institution with its consumers .
Meanwhile, the central financial institution has additionally imposed consequences on a number of cooperative banks for contravention of its quite a lot of norms.
The cooperative banks on which consequences had been imposed come with Lokmangal Co-operative Bank, Solapur; District Sahakari Kendriya Bank Maryadit, Raisen; Smriti Nagrik Sahakari Bank Maryadit, Mandsaur; Raigad Sahkari Bank, Mumbai; Noble Co-Operative Bank, Noida; and Imperial Urban Co-operative Bank, Jalandhar.
The consequences are in response to the deficiencies in regulatory compliance and aren’t meant to pronounce upon the validity of any transaction or settlement entered into via the financial institution with its consumers, RBI mentioned.