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.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
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:
China has launched the Shenzhou 23 spacecraft and sent the three astronauts to its Tiangong…
For the year 2026, the Sansad Ratna Awards have been announced the outstanding performance by…
As the IPL now at the climax part, final 4 teams are now officially confirmed…
Football Icon Lionel Messi has officially enters to the billionaire club and become the only…
Rajya Sabha MP Raghav Chadha has been appointed as the new Chairman of the Rajya…
Major Abhilasha Barak who was serving with the United Nations peacekeeping mission in Lebanon has…