RBI New Order: After HDFC, RBI imposed a fine of 2 crores on this bank, what will be the effect on the account holders

0
2314
RBI cancelled the license of the bank, check if this is your bank?
RBI cancelled the license of the bank, check if this is your bank?
- Advertisement -

RBI Penalty: The bank violated RBI norms by giving false information to all the four ‘credit’ information companies regarding multiple expired credit cards with zero balance.


HSBC Bank: Penalties have been imposed against many banks and NBFCs for non-compliance of rules from time to time by the Reserve Bank of India (RBI). HSBC Bank has been fined Rs 1.73 crore for non-compliance of rules by the RBI. RBI said in a statement that this action has been taken on the basis of deficiencies in regulatory compliance.

HDFC was also fined

The central bank had conducted a statutory inspection regarding the monitoring investigation in the context of the financial position of the bank as on March 31, 2021. Non-compliance came to the fore in the context of this investigation. The bank gave false information in respect of many expired credit cards with zero balance to all the four ‘credit’ information companies in violation of RBI regulations . Earlier, a fine of Rs 2.27 crore was imposed on HDFC Ltd. and RBL Bank Ltd. by RBI.

The fine imposed by RBI on RBL has nothing to do with the validity of the settlement. It was said that this fine is in compliance with the Internal Ombudsman Scheme, 2018, Fair Practices Code for Banks, Credit Card Operations of Banks, Risk Management ) and non-compliance of certain provisions relating to outsourcing of financial services and collection agents. It has nothing to do with the validity of any transaction or agreement entered into by the Bank with its customers.

What will be the effect on customers?

Penalty is imposed by the RBI for any lapse in regulatory compliance on the part of the bank or co-operative banks. This penalty imposed on banks has nothing to do with the account holders. In such a situation, it does not have any effect on any facility available to the customers.

- Advertisement -
DISCLAIMER

We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com