RBI penalizes Citibank, BoB, and IOB for non-compliance with norms
Mumbai: The Reserve Bank of India (RBI) on Friday slapped monetary fines on Citibank, Bank of Baroda, and Indian Overseas Bank for violations of regulations.
The central bank, in separate press releases, said it was imposing penalties of Rs 5 crore on Citibank, Rs 4.34 crore on Bank of Baroda, and Rs 1 crore on Indian Overseas Bank.
Citibank incurred the penalty due to the breach of Section 26A of the Banking Regulation Act, 1949 (BR Act), and failure to comply with RBI Directions regarding the 'Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks.'
Bank of Baroda (BoB) attracted the penalty for failing to adhere to specific directions issued by the RBI concerning the 'Creation of a Central Repository of Large Common Exposures - Across Banks.'
On the other hand, Indian Overseas Bank (IOB) faced penalties for non-compliance with certain directions issued by the RBI regarding 'Loans and Advances – Statutory and Other Restrictions.'
The central bank issued notices to these banks, directing them to furnish explanations as to why penalties should not be imposed for their failure to comply with the RBI's directives, according to the notice.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Priyanka Chopra looks stunning in traditionals during her visit to Kajol-Rani Mukerji's Durga Puja celebrations
Indian High Commission hosts ‘Startup Connect’ event for Bangladeshi innovators
Sangh stands as the embodiment of eternal national spirit: Modi on RSS' 100 years
Pakistan: Blast close to Quetta’s FC headquarters leaves 10 dead
