RBI Imposes Penalty on BoI

• 14 Mar 2024

On 13th March, RBI imposed Rs 1.4 crore penalties on Bank of India (BoI) for non-compliance with regulatory norms.

• Bandhan Bank fined Rs 29.55 lakh for non-compliance with certain directions.
• Penalty on Bank of India relates to interest rates, customer service, advances, and contravention of Credit Information Companies Rules, 2006.
• Statutory inspection conducted by RBI for supervisory evaluation of Bank of India.
• Indostar Capital Finance Ltd penalized Rs 13.60 lakh for non-compliance with fraud monitoring and KYC directions.
• Penalties imposed for deficiencies in regulatory compliance, not to invalidate transactions with customers.