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RBI imposed Rs 59 lakh penalty on KEB Hana Bank

Reserve Bank of India has imposed a penalty of Rs 59 lakh on the Korean bank, KEB Hana Bank.

Sumit Arora Published On May 16th, 2022 Leave a comment

Reserve Bank of India has imposed a penalty of Rs 59 lakh on the Korean bank, KEB Hana Bank for non-compliance with the certain norms related to ‘interest rate on deposits. The Korean bank has been penalised for non-compliance with the directions issued by RBI on ”Reserve Bank of India (Interest Rate on Deposits) Directions, 2016”.

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The statutory inspection for supervisory evaluation of KEB Hana Bank was conducted by RBI with reference to its financial position as on March 31, 2020. RBI, however, said the penalty is based on the 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.

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Sumit Arora

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As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.