RBI Action: Three banks have violated KYC and one has violated loan related rules. Monetary fines have been imposed after the allegations were confirmed during the investigation. Let us know why the central bank has taken this step?
RBI Action: The Reserve Bank of India has shown strictness against banks and non-banking finance companies for not complying with the rules. Monetary fines have been imposed on four cooperative banks and one NBFC. At the same time, the license (CoR) of 10 companies of West Bengal has been canceled. RBI has given this information on Thursday, January 9.
Indian School Finance Limited has been fined Rs 50,000 for outsourcing the external auditor for the main management work i.e. internal audit.
These banks violated the rules related to KYC
RBI has imposed a fine of Rs 50,000 each on Belgaum District Revenue Employees Cooperative Bank Limited (Karnataka), Batlagundu Co-operative Urban Bank Limited (Dindigul Tamil Nadu) and Sivakasi Co-operative Urban Bank Limited (Tamil Nadu). All three banks failed to upload the KYC records of customers to the Central KYC Record Registry within the stipulated time.
This bank has been fined Rs 17 lakh
Janta Sahakari Bank Ltd, Pune failed to classify loan accounts of some borrowers as non-performing assets. Apart from this, penalty charges were levied on a flat rate basis for non-maintenance of minimum balance on savings bank accounts. Whereas the charges are levied in direct proportion to the extent of shortfall. Therefore, the central bank has imposed a penalty of Rs 17.50 lakh.
License of these NBFCs cancelled
- Chapter Equi Pref Limited
- Agrani Credit and Finvest Private Limited
- Amit Goods and Supplier Private Limited
- Anchal Credit Capital Private Limited
- Anika Tie-Up Private Limited
- Anika Finvest Private Limited
- ANM Financial Services Limited
- Anuvrat Transport System Limited
- Apurva Finance Private Limited
- Aerion Commercial Private Limited
