RBI Penalty on IDFC First Bank: Reserve Bank of India (RBI) has imposed a fine of Rs 1 crore on IDFC First Bank for violating the rules. Apart from this, the Reserve Bank has imposed a fine of Rs 49.70 lakh on LIC Housing Finance. In a statement from the central bank, it was said that the penalty was imposed on IDFC First Bank for not following certain instructions on ‘Loans and Advances – Statutory and Other Restrictions’. Has been.

Penalty imposed for not following the rules

In another statement from RBI, it was said that the penalty on LIC Housing Finance has been imposed for non-compliance of certain provisions of ‘Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Guidelines, 2021’. In both the cases, penalty has been imposed for non-compliance of regulator rules. It is not intended to affect the validity of any transaction or agreement with the respective customers. Recently, RBI had also imposed penalty on public sector SBI and private sector HDFC Bank for not following the rules.

Registration of these four NBFCs has been canceled.

Apart from this, RBI has canceled the registration certificate of four NBFCs Kundals Motor Finance, Nitya Finance, Bhatia Higher Purchase and Jeevanjyoti Deposits and Advances. After cancellation of registration certificate by RBI, companies can no longer do NBFC business. At the same time, five other NBFCs – Growing Opportunity Finance (India), Invel Commercial, Mohan Finance, Saraswati Properties and Quikr Marketing have returned their registration certificates.

What will be the impact on the customers?

The imposition of fine on IDFC First Bank and LIC Housing has nothing to do with the customers of the bank. The fine has been imposed on the bank for not following the rules. There will be no visible impact of this on bank customers. Let us tell you that the purpose of imposing fine by RBI is not to harm the customers but to motivate the banks to follow the rules and protect the interests of the customers.

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RBI Penalty on Banks: RBI has once again become strict on banks. The Reserve Bank monitors all the banks of the country… which bank is following the rules properly or not…? Now RBI has imposed a penalty on DCB Bank and Tamilnad Mercantile Bank for not following some instructions related to advance interest rate.

This has been informed by issuing a statement from RBI. RBI has imposed a fine of Rs 63.6 lakh on DCB Bank. Apart from this, a fine of Rs 1.31 crore has been imposed on Tamil Nadu Mercantile Bank.

RBI issued statement

In a separate statement, the central bank said that Tamil Nadu Mercantile Bank has been fined Rs 1.31 crore for non-compliance of certain instructions issued on ‘Interest Rates on Advances’ and ‘Revision in Central Repository of Information on Large Credit (CRILC) Reporting’. Fine has been imposed.

Fine imposed for not following rules

In both cases, the Reserve Bank said the penalty was based on deficiencies in regulatory compliance. For this reason RBI has taken this action. RBI’s objective is not to affect the validity of any transaction or agreement entered into with bank customers.

Fine was also imposed on these banks

Recently the Reserve Bank had imposed penalty on Bank of India and Bandhan Bank. RBI had imposed a fine of Rs 1.4 crore on Bank of India. Apart from this, the Reserve Bank had also imposed a fine of Rs 29.55 lakh on private sector Bandhan Bank for not complying with some instructions.

Reserve Bank of India has imposed penalty on Bank of India for non-compliance of RBI directions relating to violation of provisions of ‘Interest Rate on Deposits’, ‘Customer Service in Banks’, ‘Interest Rate on Loans’ and Credit Information Companies Rules, 2006. Was imposed for.

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