RBI Penalities on Axis Bank, J&K Bank, and Bank of Maharashtra – Recently the bank regulator RBI put penalties on 3 big banks in India, which are Axis Bank, J&K Bank, and Bank of Maharashtra, where they are found accountable for failure to adhere to RBI’s guidelines on the central repository of significant common exposures across banks, loans, and advances, as well as statutory and other restrictions, after the statutory inspection conducted on March 31, 2021.
RBI Penalities on Axis Bank, J&K Bank, and Bank of Maharashtra
RBI Penalities on Axis Bank, J&K Bank, and Bank of Maharashtra-Explained in detail
Reserve Bank of India had imposed the fine on a few banks where they imposed monetary penalties on Axis Bank, Jammu & Kashmir Bank, and Bank of Maharashtra for rule violations. of RBI regulation. In the first instance, Axis Bank has imposed a monetary penalty of Rs 30 Lakhs by the RBI for non-compliance with certain provisions of the RBI’s directions on Prudential Norms on Income Recognition, Asset Classification, and Provisioning about Advances – Credit Card Accounts. Reserve Bank of India had imposed a fine regarding the accountability of late payment of credit card dues, even against late payments through 3rd party platforms. In the 2nd instance, the Bank of Maharastra had put penalties for breaching RBI’s Directives on Loans and ATMs, where the bank is to adhere to RBI’s guidelines on Loans and Advances – Statutory and Other Restrictions, as well as the Advisory on Man in the Middle (MiTM) Attacks in ATMs. Reserve Bank of India had discovered the bank had stationed a term loan without conducting proper due diligence on the viability and bankability of the projects for which the loan was provided.
Who regulates the Bank of India?
Reserve Bank of India regulates the Bank of India under the Reserve Bank of India Act, 1934
Which 3 banks are penalised by the Reserve Bank of India?
Axis Bank, J&K Bank, and Bank of Maharashtra had been put penalties on accountable for failure to adhere to RBI’s guidelines on the central repository of significant common exposures across banks, loans, and advances, as well as statutory and other restrictions,
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