The Reserve Bank of India has imposed a penalty of Rs 15 lakh on Fedbank Financial Services Limited, Mumbai. The penalty has been imposed for non-compliance with “certain provisions of the directions issued by the Reserve Bank of India (RBI) contained in ”Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016′.
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The statutory inspection of the company with reference to its financial position as of March 31, 2019, revealed, inter alia, non-compliance with the directions issued by it. The inspection report of the Koyana Sahakari Bank based on its financial position as of March 31, 2019, revealed that it had exceeded the prudential inter-bank (single bank) exposure limit.
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