Fines on 2 leading banks of tamil Nadu..!? RBI takes action!

The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india continues to take various steps to protect the financial position of the country and protect the interests of customers. In that regard, banks and financial institutions must strictly follow the regulations of the Reserve Bank. The Reserve bank is imposing fines on banks that do not follow the regulations and violate the regulations. Accordingly, recently, fines have been imposed on leading institutions such as nainital bank, Ujjivan Small Finance bank, and Shriram Finance. nainital bank Limited has been fined Rs. 61.40 lakh for failing to follow the RBI's guidelines regarding customer service in the bank, the Reserve bank said in a statement. Ujjivan Small Finance bank has been fined Rs 6.70 lakh for failing to follow certain legal provisions in lending and advances.
The Reserve bank has also imposed a fine of Rs 5.80 lakh on non-banking financial institution Shriram Finance. This fine has been imposed for not following certain rules including KYC guidelines. Last December, the RBI announced the cancellation of the licenses of two financial institutions in tamil Nadu. The licenses of companies like PVP capital Limited and Rainbow Finance india Limited from tamil Nadu were canceled.
The licenses of PVP capital Limited and Rainbow Finance india from tamil Nadu were canceled on november 21. PVP capital was first registered on May 23, 2002. Similarly, Rainbow Finance india was registered on march 11, 1998. Any bank that violates the rules and regulations set by the RBI can be fined or have its license revoked. For example, providing services in violation of the rules, misusing customer money for other purposes, etc.
For more interesting updates wa click and follow Indiaherald WhatsApp channel

Find out more:

RBI

Sowmiya Sriram

16/02/2025 03:13 PM