RBI imposes fines of Rs 10.34 crore on Bank of Baroda, Citibank, and Indian Overseas Bank for non-compliance
RBI has imposed a fine of totaling Rs 10.34 crore on Citibank, Bank of Baroda, and Indian Overseas Bank for non-compliance on 24 November.
The Reserve Bank of India (RBI) has imposed a fine of totaling Rs 10.34 crore on Citibank, Bank of Baroda, and Indian Overseas Bank for non-compliance on 24th November.
According to the apex bank regulatory body, the action is based on deficiencies in regulatory compliance. It does not intend to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
A fine of Rs 1 crore has been imposed on Indian Overseas Bank for non-compliance with certain directions issued for ‘loans and advances – statutory and other restrictions’, revealed the notification released by RBI.
RBI has slapped Rs 5 crore penalty on Citibank for non-compliance with certain norms related to the depositor education and awareness fund scheme, and code of conduct on outsourcing of financial services and KYC norms.
A monetary penalty of Rs 4.34 crore has been imposed on public sector Bank of Baroda for non-compliance related to ‘loans and advances – statutory and other restrictions’, and ‘Reserve Bank of India (interest rate on deposits) directions, 2016’.
Earlier on 23 November, the RBI imposed monetary penalties on five co-operative banks for deficiencies in regulatory compliance.
Ms Kalinga