RBI Penalty: RBI (RBI) has imposed a penalty of Rs 2.27 crore on RBL Bank Ltd. (RBL Bank Ltd.) for not following the rules related to debt recovery agent.
RBL Bank Limited: The Reserve Bank of India (RBI) had imposed a fine on HDFC Limited (HDFC Ltd.) for not following the rules in the past. After this, now the central bank has imposed a penalty of Rs 2.25 crore on another giant bank. RBI (RBI) has imposed a fine of Rs 2.27 crore on RBL Bank Ltd. (RBL Bank Ltd.) for not following the rules related to debt recovery agent.
RBL was fined for this reason
RBI said in a statement that the fine is in compliance with the Internal Ombudsman Scheme, 2018, Fair Practices Code for Banks, Credit Card Operations of Banks, Risk Management and Outsourcing of Financial Services and Recovery Agents. related to non-compliance of certain provisions. However, the RBI said that the penalty is for deficiencies in regulatory compliance relating to the period from the financial year 2018-19 to 2021-22.
Not concerned with the validity of any transaction or agreement
It has nothing to do with the validity of any transaction or agreement entered into by the Bank with its customers. Meanwhile, the Central Bank has also imposed penalty on several cooperative banks for violation of various norms. Among the cooperative banks that have been fined are Lokmangal Co-operative Bank Ltd. of Solapur (Maharashtra), Imperial Urban Co-operative Bank Ltd. of Jalandhar (Punjab).
Apart from this, fine has also been imposed on District Co-operative Central Bank Maryadit of Raisen (Madhya Pradesh), Smriti Nagrik Sahakari Bank of Mandsaur (Madhya Pradesh), Raigarh Co-operative Bank of Mumbai, Noble Co-operative Bank Limited of Noida (Uttar Pradesh). The penalty has been imposed on these banks for lapses at the level of compliance with the rules.
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