- Governance, Risk & Compliance
- 1 min read
RBI imposes penalty on Bank of India, Bandhan Bank
The Reserve Bank of India (RBI) has imposed penalties on Bank of India and Bandhan Bank for non-compliance with regulatory norms. Bank of India was penalized for non-compliance with 'interest rate on deposits', 'customer service in banks', 'interest rate on advances', and contravention of Credit Information Companies Rules, 2006.
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The Reserve Bank of India (RBI) on Wednesday said it has imposed a penalty of Rs 1.4 crore on Bank of India for non-compliance with certain regulatory norms. It has also imposed a penalty of Rs 29.55 lakh on private sector lender Bandhan Bank for non-compliance with certain directions.
The penalty on Bank of India has been imposed for non-compliance with the RBI's directions related to 'interest rate on deposits', 'customer service in banks', 'interest rate on advances', and contravention of provisions of Credit lnformation Companies Rules, 2006.
The RBI said statutory inspection for supervisory evaluation of the bank was conducted by it with reference to its financial position as on March 31, 2021 and March 31, 2022.
In all cases, the penalties were imposed for deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers, the RBI said.
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