Latest news with #IRAC
Time of India
01-06-2025
- Business
- Time of India
RBI imposes ₹54.78 crore in penalties on 353 banks, other regulated entities during FY25
The Reserve Bank of India ( RBI ) imposed penalties totalling ₹54.78 crore on 353 regulated entities (REs) during the financial year 2024–25 for various contraventions of statutory provisions and regulatory directions, the central bank said in its annual report released on Thursday. The enforcement actions were taken against banks, non-banking financial companies (NBFCs), asset reconstruction companies (ARCs), housing finance companies, and cooperative banks for non-compliance in areas including cyber security, exposure norms, income recognition and asset classification (IRAC), Know Your Customer (KYC) guidelines, fraud classification and reporting, submission of data to the Central Repository of Information on Large Credits (CRILC), and credit information reporting to credit information companies (CICs). Also Read: RBI may introduce bank-like rate norms for NBFCs to plug policy gaps Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Camarotes de crucero sin vender (Eche un vistazo a los precios) GoSearches | Search Ads Undo 'During 2024-25, the Department undertook enforcement action against REs and imposed 353 penalties aggregating to ₹54.78 crore for contraventions/non-compliance with provisions of statutes and certain directions issued by the Reserve Bank from time to time,' the RBI said in its Annual Report for 2024–25. According to the data, cooperative banks were the most penalised category, with 264 penalties amounting to ₹15.63 crore. The central bank also took action against 37 NBFCs and ARCs, imposing penalties totalling ₹7.29 crore. Live Events Additionally, 13 housing finance companies were fined a combined ₹83 lakh. Among commercial banks, eight public sector banks faced penalties totaling ₹11.11 crore, while 15 private sector banks were fined ₹14.8 crore. The RBI also penalised six foreign banks during the fiscal year . With inputs from PTI
&w=3840&q=100)
Business Standard
01-06-2025
- Business
- Business Standard
RBI imposed penalties on 353 banks, other regulated entities in FY25
The Reserve Bank took enforcement action against regulated entities (REs) and imposed 353 penalties aggregating to ₹54.78 crore in the fiscal ending March 31, 2025 for contraventions with provisions of statutes. The contraventions/non-compliance were related to cyber security framework in banks; exposure norms and IRAC norms; know your customer directions; frauds classification and reporting directions; reporting information on CRILC; and submission of credit information to credit information companies (CICs). "During 2024-25, the Department undertook enforcement action against REs and imposed 353 penalties aggregating to Rs 54.78 crore for contraventions/non-compliance with provisions of statutes and certain directions issued by the Reserve Bank from time to time," according to the RBI's Annual Report for the Year 2024-25 released on Thursday.
Time of India
01-06-2025
- Business
- Time of India
RBI slaps Rs 54.78 crore in penalties on banks and NBFCs for compliance lapses in FY25
Reserve Bank of India's (RBI) NEW DELHI: The Reserve Bank of India (RBI) imposed penalties totalling Rs 54.78 crore on regulated entities (REs) during the fiscal year ending March 31, 2025, for contraventions and non-compliance with statutory provisions and regulatory directions. According to the RBI's Annual Report for 2024-25, released on Thursday, the central bank undertook enforcement action in 353 cases across a wide range of regulatory breaches. These included failures in the cyber security framework, non-adherence to exposure norms, income recognition and asset classification (IRAC) rules, violations of Know Your Customer (KYC) guidelines, and delays in fraud classification and reporting. The report further revealed that cooperative banks bore the brunt of the action, with 264 penalties amounting to Rs 15.63 crore. Non-banking financial companies (NBFCs) and asset reconstruction companies faced 37 penalties totalling Rs 7.29 crore, while 13 housing finance companies were fined Rs 83 lakh. Among banks, the RBI penalised eight public sector banks to the tune of Rs 11.11 crore and 15 private banks faced penalties amounting to Rs 14.8 crore. Additionally, six foreign banks were also penalised for various lapses. The RBI noted that these enforcement actions were aimed at ensuring compliance and fostering a robust and sound financial system. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
CBC
13-05-2025
- Business
- CBC
IRAC hears about potential gains and losses from new 24/7 gas station in Borden-Carleton
So many people packed into the hearing room at the Island Regulatory and Appeals Commission's office in Charlottetown on Tuesday that officials had to turn some away. They were there to show support for two Borden-Carleton gas station owners, Chad Ceretti from Ceretti's Grocery and Hardware and Chad Howatt of Howatt's Shell. They're fighting D.P. Murphy's plans to build a gas station near the Confederation Bridge in the western Prince Edward Island gateway community that already hosts three gas stations. IRAC is the body that would grant the gas station licence. Murphy's proposal includes a 24-hour Irving gas station, a Tim Hortons restaurant, and two 3,000-square-foot retail spaces in addition to hundreds of parking spaces for cars and big trucks and some EV charging stations. Tuesday's discussions were dominated by what could be gained — or lost — if this proposal goes ahead. Island regulator hears arguments for and against a 4th Borden-Carleton gas station 2 hours ago Duration 2:09 The fate of a new gas station complex for Borden-Carleton hangs in the balance as the Island Regulatory and Appeals Commission conducts a hearing on whether the area needs a fourth service station. Danny Murphy of D.P. Murphy (left) was at the IRAC hearing to talk about what his proposed 'Welcome Plaza' could do for the town at the P.E.I. end of the Confederation Bridge. CBC's Wayne Thibodeau reports. Danny Murphy, president of D.P. Murphy, talked about the current state of Borden-Carleton, describing rusted steel fencing, uncut grass and the still-hanging signs of businesses long shuttered "I'd give it a six out of 10," the businessman told commissioners Kerri Carpenter, Terry McKenna and Gordon MacFarlane. Murphy says he wants to be part of a development that transforms Borden-Carleton, drawing connections to Disney and asking why there isn't a giant Anne of Green Gables statue welcoming people as they get off the bridge from New Brunswick. His vision includes a "Welcome Plaza" with what he described as a "truly iconic" Canadian brand, Tim Hortons, anchoring the development and operating 24/7. He said it would be a place for people to go at all hours, and for truckers to park and find a place to eat and grab a coffee at times when the nearby Confederation Bridge is closed to big trucks because of bad weather. But there's been pushback in the community. More than 400 people have emailed IRAC to say they don't want another gas station in their town. Many of those email writers were at the hearing Tuesday. The lawyer for Ceretti's, Ryan MacDonald, said another gas station in the town would have "detrimental" effects that include the closure of Ceretti's. MacDonald pointed out that the new development does not include full grocery options, hardware, or a meat counter, like Ceretti's does. The lawyer said those services will be lost to townspeople if the new gas station puts Ceretti's out of business. MacDonald also argued that Murphy could proceed with his development without selling gas. In his remarks to the commissioners, Murphy said he doesn't believe his development will put anybody out of business. He said he believes there will be more business overall in Borden-Carleton with this new development, saying that right now, a lot of people drive through the community without stopping. Murphy said Prime Minister Mark Carney's campaign promise to lower the Confederation Bridge toll to $20 will only increase traffic going through Borden-Carleton. "They also have longtime loyal customers who will continue to support their local gas stations," Murphy said of his future competitors. His proposal had its own supporters, represented in the form of letters from Robert Irving of Cavendish Farms, Andrew Keith from SFX Transport, and Corryn Clemence from the Tourism Industry Association of Prince Edward Island. 'It's a David and Goliath type deal, and we're fighting for our lives,' gas station owner says 7 days ago Duration 2:33 More than 100 people packed into the Legion in Borden-Carleton last night to discuss an application for a new gas station just off the Confederation Bridge. Chad Ceretti's gas station is right next to where the new one would be. CBC's Wayne Thibodeau reports. The commission also heard from an expert witness from the accounting firm Deloitte Canada. Deloitte's Chris Robertson took a look at current and projected gas sales, traffic and population growth trends and determined that the town can support another gas station. D.P. Murphy paid for that report, and Ceretti's lawyers challenged some of the numbers. The hearing continues Wednesday.
CBC
13-05-2025
- Business
- CBC
Island regulator hears arguments for and against a 4th Borden-Carleton gas station
The fate of a new gas station complex for Borden-Carleton hangs in the balance as the Island Regulatory and Appeals Commission conducts a hearing on whether the area needs a fourth service station. Danny Murphy of D.P. Murphy (left) was at the IRAC hearing to talk about what his proposed 'welcome plaza' could do for the town at the P.E.I. end of the Confederation Bridge. CBC's Wayne Thibodeau reports.
