Latest news with #StatutoryInspectionforSupervisoryEvaluation
Time of India
a day ago
- Business
- Time of India
Fino Payments Bank fined by RBI for breaking rules
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Reserve Bank of India (RBI) on Friday announced that it has imposed a fine of Rs 29.6 lakh on Fino Payments Bank Limited. The penalty is for not following certain rules related to the Licensing of Payments Banks The RBI carried out a regular check (called the Statutory Inspection for Supervisory Evaluation or ISE 2024) of the bank's operations as of March 31, 2024. During this inspection, the central bank found that the bank had not followed all its this, the RBI sent a notice to Fino Payments Bank, asking them to explain why a penalty should not be charged for these lapses. The bank gave a written reply and also made a statement in person. However, after reviewing everything, the RBI decided that the bank had indeed broken the to the RBI, the bank allowed the end-of-day balance in some customer accounts to go beyond the limit set for payments banks. And this happened several times."The bank breached the regulatory ceiling of end of the day balance, as applicable for a payments bank, in certain accounts on several occasions," the apex bank said in a RBI clarified that the fine was only for regulatory shortcomings. It does not question the legality of any deal or agreement the bank had with its from PTI
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Business Standard
a day ago
- Business
- Business Standard
RBI fines Fino Payments Bank ₹29.6 lakh for licencing rule breach
The Statutory Inspection for Supervisory Evaluation (ISE 2024) of the bank was conducted by the RBI with reference to its financial position as of March 31, 2024 Press Trust of India Mumbai The RBI on Friday said it has imposed a penalty of Rs 29.6 lakh on Fino Payments Bank Limited for non-compliance with certain directions on 'Licensing of Payments Banks'. The Statutory Inspection for Supervisory Evaluation (ISE 2024) of the bank was conducted by the RBI with reference to its financial position as of March 31, 2024. Based on supervisory findings of non-compliance and related correspondence in that regard, the Reserve Bank said, a notice was issued to the Fino Payments Bank, advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank's reply to the notice and oral submissions made during the personal hearing, the central bank found that the charge against the bank was sustained, warranting imposition of monetary penalty, it said. "The bank breached the regulatory ceiling of end of the day balance, as applicable for a payments bank, in certain accounts on several occasions," the apex bank said in a release. It, however, added that the action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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Business Standard
16-05-2025
- Business
- Business Standard
RBI penalises Deutsche Bank, YES Bank for breaching compliance norms
Deutsche Bank and YES Bank fined ₹50 lakh and ₹29.6 lakh respectively for violating RBI directions on credit reporting and disclosure of customer complaints Mumbai The Reserve Bank of India (RBI) has imposed monetary penalties on Deutsche Bank and YES Bank for non-compliance with specific regulatory directions. A penalty of ₹50 lakh was levied on Deutsche Bank for violating RBI directives on the 'Creation of a Central Repository of Large Common Exposures – Across Banks' and the 'Central Repository of Information on Large Credits (CRILC) – Revision in Reporting'. The bank failed to report credit information of certain borrowers to the CRILC. These deficiencies were observed during the Statutory Inspection for Supervisory Evaluation (SE) with reference to the bank's financial position as on 31 March 2024. Separately, YES Bank was fined ₹29.60 lakh for non-compliance with the RBI's directions on 'Financial Statements – Presentation and Disclosures'. The bank did not disclose correct and complete information about customer complaints in its annual financial statements for FY24. The RBI clarified that these actions are based solely on deficiencies in regulatory compliance and are not intended to question the validity of any transactions or agreements entered into by the banks with their customers. The penalties are without prejudice to any other regulatory or supervisory action that the RBI may initiate in future.
India Gazette
10-05-2025
- Business
- India Gazette
RBI imposes Rs 1.72 crore penalty against SBI for certain non-compliances
Mumbai (Maharashtra) [India], May 10 (ANI): The Reserve Bank of India (RBI) has penalised the State Bank of India with Rs 1.72 crore for non-compliance with certain directions. As per a statement from the RBI, the state-owned lender failed to comply certain certain directions issued by RBI on 'Loans and Advances- Statutory and Other Restrictions', 'Customer Protection - Limiting Liability of Customers in Unauthorised Electronic Banking Transactions' and 'Opening of Current Accounts by Banks - Need for Discipline'. This penalty has been imposed under the Banking Regulation Act, 1949. A Statutory Inspection for Supervisory Evaluation (ISE 2023) of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank by the RBI, advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank's reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI decides that the bank deserves imposition of monetary penalty. The charges against the bank is that it extended a bridge loan to an entity against amounts receivable from the Central / State Government by way of subsidy / reimbursement. The bank failed to credit (shadow reversal) the amount involved in unauthorised electronic transactions to certain customer accounts within 10 working days from the date of notification by the customer and compensate certain customers within 90 days from the date of receipt of the complaint. Another charge against the bank was that it opened / maintained certain current accounts in contravention of regulatory requirements. 'The action (against SBI) is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank,' said the RBI. (ANI)
