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.