RBI Imposes Penalty on Banks: Taking major action, the Reserve Bank of India has imposed a fine on two big banks of the country. This bank is Bank of India and the private sector bank Federal Bank. The Reserve Bank has imposed a penalty of Rs 70 lakh on Bank of India. At the same time, a huge fine of Rs 5.72 crore has been imposed on Federal Bank. The big reason behind this action is that both these banks did not follow some of the KYC rules of central banks.
Giving information about these actions, RBI said that some banks are not following the KYC rules made by the Reserve Bank. For this reason, action is being taken against such banks. Bank of India did not follow these KYC rules properly. Due to this a fine of Rs 70 lakh has been imposed on this bank. At the same time, Federal Bank has been asked by RBI for information about giving incentives to people engaged in broking or corporate agency work. Due to not giving this information, RBI has taken this big action on Federal Bank.
Action taken on this bank also
Along with Bank of India and Federal Bank, another company of Gurugram has been acted upon by RBI. This company is Dhani Loans & Services Limited. RBI has imposed a fine of Rs 7.6 lakh on these companies for non-compliance of KYC norms. Earlier, RBI had imposed a fine of Rs 57.5 lakh on Indian Overseas Bank.
What will be the impact on customers?
Let us tell you that due to these actions of RBI, customers will not be affected. This action has been taken due to non-compliance with the rules of the bank. In such a situation, it will not have any direct effect on the account holders and the bank’s action will continue as normal.