Federal Bank and Bank of India penalized by RBI for breaking regulatory obligations

Due to shortcomings in regulatory compliance, the Reserve Bank of India (RBI) fined Federal Bank Rs 5.72 crore. The Reserve Bank of India (RBI) (financial services provided by banks) Directions, 2016 has strict penalties for violations. Federal Bank did not make sure that the insurance company did not compensate any of its employees providing corporate agency or insurance broking services with incentives (cash or non-monetary).

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Key Points:

• The private lender’s standalone net profit increased by 13.13% to Rs 540.54 crore in Q4 FY22 over Q4 FY21 on a 2.72 % increase in total income to Rs 3948.24 crore.
• Treasury, corporate or wholesale banking, retail banking, and other banking operations make up Federal Bank’s four business segments.
• As of March 31, 2022, the bank had 1282 branches and 1885 ATMs and recyclers.
• Shares of Federal Bank increased 0.41 percent to Rs 97.40.

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