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.
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.
Reserve Bank of India (RBI) has imposed a penalty of Rs8.50 lakh on Bajaj Finance Ltd, a non-banking financial company (NBFC) from Maharashtra, for violating various rules and regulations prescribed by the banking regulator.
Reserve Bank of India (RBI) has imposed a penalty of Rs8.50 lakh on Bajaj Finance Ltd, a non-banking financial company (NBFC) from Maharashtra, for violating various rules and regulations prescribed by the banking regulator.
On Thursday, the central bank imposed a fine of Rs 5.39 crore on Paytm Payments Bank for non-compliance of certain provisions of RBI guidelines related to Know your customer (KYC), cybersecurity, etc.