Categories: Banking

RBI imposes 2 cr penalty on RBL Bank for deficiencies in regulatory compliance

The Reserve Bank of India (RBI) has imposed a penalty of Rs 2 crore on RBL Bank for non-compliance with provisions of the Banking Regulation Act, 1949. RBI said the penalty has been imposed in exercise of powers vested in it under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Act. An examination carried out by the RBI showed that the private lender was non-compliant in opening five savings deposit accounts for a cooperative bank.

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The Reserve Bank of India (RBI) also fined the Jammu and Kashmir (J&K) State Co-operative Bank, Srinagar with an Rs 11 lakh penalty for inadequacy in regulatory adherence. According to the report, contravention of section 23 read with section 56 of the Banking Regulation Act, 1949 as the J&K State Co-operative Bank had opened branches without getting a prior nod from RBI.

Important takeaways for all competitive exams:

RBL Bank Founded: August 1943;
RBL Bank Headquarters: Mumbai;
RBL Bank MD & CEO: Vishwavir Ahuja.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.