RBI: A fine of Rs 1 crore has been imposed on public sector Union Bank of India. At the same time, a fine of Rs 64 lakh has been imposed on RBL Bank.
RBI: Reserve Bank of India has imposed penalty on Union Bank of India, RBL Bank and Bajaj Finance Ltd for not complying with the instructions. . The RBI said in a statement that a penalty of Rs 1 crore has been imposed on public sector Union Bank of India for non-compliance with its directions relating to ‘Debts and Advances – Statutory and Other Restrictions’.
Fine of Rs 64 lakh on private bank
In another order, the central bank said a fine of Rs 64 lakh has been imposed on private sector RBL Bank Ltd for non-compliance with the (Prior Approval for Acquisition of Shares or Voting Rights in Private Sector Banks) Guidelines, 2015. has been applied.
Action on Bajaj Finance also
The central bank said in another press release that ‘A fine of Rs 8.5 lakh has been imposed on Bajaj Finance Limited for non-compliance with the instructions related to monitoring of frauds in NBFCs.
Approval for merger of this co-operative bank
Meanwhile, the central bank also said that it has approved the plan of merger of Ahmedabad-based The Suvikas People’s Co-operative Bank Limited with ‘The Kalupur Commercial Co-operative Bank Limited’, Ahmedabad. This scheme will be implemented from October 16. The branches of Suvikas People’s Co-operative Bank Limited will function as branches of Kalupur Commercial Co-operative Bank from October 16.
