RBL Bank Limited: HDFC Ltd (HDFC Ltd.) was penalized by the Reserve Bank of India (RBI) in the past for breaking the rules. After this, the central bank has now fined another big bank, Rs 2.25 crore. RBL Bank Ltd. (RBL Bank Ltd.) was fined Rs 2.27 crore by the RBI (RBI) for failing to follow the debt recovery agency regulations.
The reason why RBI fined the bank.
The Internal Ombudsman System, 2018, Credit Card Operations of Banks, Fair Practices Code for Banks, Risk Management and Outsourcing of Financial Services, and Recovery Agents, according to a statement from RBI, are all in compliance with the punishment, which was imposed for breaking a few rules. In addition, the RBI clarified that the fine only applies to regulatory compliance violations between the financial years 2018–19 and 2021–22.
Unrelated to the validity of any transaction or agreement.
It is unrelated to the validity of any bank transaction or arrangement with its clients. Several co-operative banks have also received penalties from the Central Bank for breaking various rules. The Imperial Urban Co-operative Bank Ltd. of Jalandhar and Lokmangal Co-operative Bank Ltd. of Solapur, both co-operative institutions, are among those that have received fines (Punjab).
The District Co-operative Central Bank Maryadit of Raisen (Madhya Pradesh), Raigarh Co-operative Bank of Mumbai, Smriti Nagrik Sahakari Bank of Mandsaur (Madhya Pradesh), and Noble Co-operative Bank Ltd of Noida (Uttar Pradesh) have also been fined in addition to these. These banks have been fined for failing the level compliance with the rules.