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RBI fine News

09 Aug 2022

RBI imposes penalty on 8 banks, got account in any of THESE?

The penalties imposed on these eight banks ranged from Rs 1 lakh to Rs 40 lakh. Furthermore, the RBI imposed a monetary penalty on Spandana Sphoorty Financial, an NBFC.

22 Apr 2022

RBI slaps penalty on Central Bank of India; do customers need to worry?

RBI imposed a monetary penalty of Rs 36 lakh on the public sector bank. The regulator had conducted a statutory inspection for supervisory evaluation of the bank with reference to its financial position as of March 31, 2020.

18 Oct 2021

RBI slaps Rs 1 crore penalty on State Bank of India; here's why

RBI slaps Rs 1 crore fine on SBI. It also issued a notice to the lender, instructing it to show cause why a penalty should not be imposed on it for failing to comply with the stated directives.

28 May 2021

RBI slaps Rs 10 crore penalty on HDFC Bank

The central bank said that the penalty has been imposed as actions of HDFC Bank were found in contravention of provisions of section 6(2) and section 8 of the Banking Regulation Act, 1949. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI said in a statement. Notice was subsequently issued to the bank advising it to show cause as to why the penalty should not be imposed for contravention of the provisions of the Act/directions.

11 Dec 2018

RBI slaps Rs 1 crore fine on Indian Bank for violating cyber security norms

The contravention is with regard to RBI's directions on Frauds- Classification and Reporting by Commercial Banks.

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