RBI imposes penalty on 14 banks for contravention of various norms
The Hindu
RBI said the banks had failed to comply with provisions of one or more of the aforesaid directions.
In a release Wednesday, the Reserve Bank of India said it has imposed a penalty of ₹145 million on 14 banks for breach of several norms. The provisions breached include guidelines on ‘Lending to Non-Banking Financial Companies’, ‘Bank Finance to Non-Banking Financial Companies’, ‘Loans and Advances Statutory and Other Restrictions’, ‘Creation of a Central Repository of Large Common Exposures Across Banks’, the circular on ‘Reporting to Central Repository of Information on Large Credits, and ‘Operating Guidelines for Small Finance Banks’. Further, the fines also pertained to contravention of provisions of Section 19(2) and Section 20 (1) of Banking Regulation Act, 1949, the release said.
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