Mumbai, July 8
The RBI on Friday said it has imposed a penalty of Rs 5.72 crore on Federal Bank for deficiencies in regulatory compliance. A penalty of Rs 70 lakh has also been imposed on Bank of India for non-compliance with certain provisions of KYC norms and instructions on ‘compliance function in banks’ issued by RBI, it said.
About Federal Bank, RBI said the bank failed to ensure that no incentive (cash or non-cash) was paid to its staff engaged in insurance broking/corporate agency services by the insurance company, according to a separate statement. RBI had carried out Statutory Inspection for Supervisory Evaluation of the bank with reference to its financial position as on March 31, 2020.
Join Whatsapp Channel of The Tribune for latest updates.
Most Read In 24 Hours
Don't Miss
View All
Top News
Hathras stampede toll rises to 121; UP CM orders judicial probe, says panel to look into 'conspiracy' angle
FIR says organisers hid evidence, 2.5 lakh people crammed in...
Hathras stampede: All about 'Bhole Baba' and his army of followers who stay away from press and social media
Bhole Baba absconding, name missing from FIR
'Waris Punjab De' chief Amritpal Singh to take oath as Khadoor Sahib MP on July 5
Announcement made by Faridkot MP Sarbjeet Singh Khalsa on hi...
INDIA bloc parties walk out of Rajya Sabha during PM Modi’s speech
Congress-led INDIA staged walkout after Leader of Opposition...
Sensex crosses 80,000 for first time, banking stocks lead rally
The Broader market remains positive
