RBI Whip On Another Bank.. Rs. 30 Lakh Fine.. Why?

RBI: Reserve Bank of India RBI announced on Friday March 24 that it will impose a penalty of Rs.30 lakh on Karur Vysya Bank, one of the leading private banks in the country. It has been revealed that this decision has been taken in order to find that the rules have been violated. Key issues have come to light during Reserve Bank’s Select Scope Inspection (SSI) on bank transactions. The RBI said that following the directives of the Joint Lenders Forum, it was found that frauds in some accounts were not reported to the Reserve Bank of India within a week. It is for this reason that the fine has been imposed. The RBI has issued notices asking why the Karur Vysya Bank should not be penalized for failing to comply with the orders issued by them. The bank’s reply to these notices said that it has concluded that there has been a violation of the rules after considering the submissions made by the bank during the investigation. It has been clarified that a penalty of Rs.30 lakh has been imposed.

10 days ago whip on 17 non-banking institutions..
The Reserve Bank of India has cracked down on 17 non-banking financial institutions in the country. It announced on March 10, 2023 that its certificate of registration is cancelled. With this, 17 non-banking financial companies have surrendered the certificate of registration issued by RBI. The Reserve Bank of India said it has taken action against non-banking institutions through powers conferred by Section 45 IA (6) of the RBI Act, 1934.

Earlier, the Reserve Bank canceled the license of a cooperative bank from Madhya Pradesh. It said that the depositors will be protected through the Depository Insurance Scheme. No need to worry. After that it imposed restrictions on five more cooperative banks. Limited transactions are allowed. It clarified that the restrictions will continue until the financial condition of the banks improves. The Reserve Bank’s whipping of successive banks has become a priority.

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