Supreme Court: Imminent Death Not Required For a Statement to Qualify as Dying Declaration  ||  SC: HC Cannot Grant Pre-Arrest Bail Without Quashing FIR; Accused Must Approach Sessions Court First  ||  SC: Agreed Interest Rate Cannot Be Challenged as Exorbitant; Arbitrator Cannot Override Contract  ||  SC: Agreed Interest Rate Cannot Be Challenged as Exorbitant; Arbitrator Cannot Override Contract  ||  SC: GST Exemption on Residential Lease Applies When Building is Sub-Leased for Hostel/PG Use  ||  Rajasthan High Court: Universities Cannot Retain Students’ Original Documents for Pending Fees  ||  NCLT: Damages from Contractual Disputes Cannot Form Basis for Initiating Insolvency Proceedings  ||  Del HC: Pre-SCN Consultation is Unnecessary in Large-Scale GST Fraud Cases with Complex Transactions  ||  Calcutta HC: Unilaterally Appointed Arbitrator Violates Natural Justice and Sets Aside the Award  ||  Raj HC Upholds Padmesh Mishra’s AAG Appointment, Noting Advocacy Skill isn’t Tied to Experience    

Reserve Bank of India imposes monetary penalty on Federal Bank Limited- (Reserve Bank of India) (03 Oct 2018)

MANU/RPRL/0088/2018

Banking

The Reserve Bank of India (RBI) has imposed, by an order dated September 25, 2018, a monetary penalty of Rs. 50 million on Federal Bank Limited (the bank) for violation of Section 19(2) of Banking Regulation Act, 1949 (the Act) and for non-compliance with the directions issued by RBI on (a) reporting of data on Central Repository of Information on Large Credits (CRILC), (b) reporting to RBI for assessment under RBS, (c) payment of compensation for delay in resolution of ATM-related customer complaints, and (d) Know Your Customer / Anti-money Laundering (KYC/AML) norms. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Act, taking into account the failure of the bank to adhere to the aforesaid provision of the Act and the directions issued by RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Tags : PENALTY   FEDERAL BANK   IMPOSITION  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved