Business
RBI imposes Rs 4 crore penalty on Citibank.
The Reserve Bank of India (RBI) on Friday said that it has imposed a monetary penalty of Rs 4 crore on Citibank for the contravention of Section 10 (1) (b) (ii) of Banking Regulation Act, 1949 (the Act).
RBI in a release said the monetary penalty has been imposed on Citibank for non-compliance with the directions issued by it on obtaining a declaration from customers about credit facilities enjoyed with other banks, granting non-fund based facilities to non-constituent borrowers, verifying data available in CRILC database and obtaining no-objection certificate (NOC) from lending banks at the time of opening current accounts, and submission of compliance to risk assessment findings.
According to the RBI, this action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
According to India’s central bank, the statutory inspection of the Indian operations of the bank with reference to its financial positions as on March 31, 2017, and March 31, 2018, and the Risk Assessment Reports (RARs) pertaining thereto revealed, inter-alia, contravention with the provisions of the Act and non-compliance with the above-mentioned directions issued by the RBI.
RBI has also imposed a monetary penalty of Rs 60 lakh on Bharat Co-operative Bank (Mumbai) Ltd, Rs 45 lakh on TJSB Sahakari Bank Limited (the bank) and Rs 40 lakh on Nagar Urban Co-operative Bank Ltd, Ahmednagar, for non-compliance with directions issued by it on the Income Recognition and Asset Classification (IRAC) norms and Frauds.
While imposing a monetary penalty on Bharat Co-operative Bank (Mumbai) Ltd, TJSB Sahakari Bank Limited (the bank), RBI said that the penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to the aforesaid directions issued by the RBI.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, said the RBI.
“The statutory inspection of the banks with reference to its financial position as on March 31, 2018, conducted by RBI, revealed, inter alia, non-compliance with RBI directions on IRAC norms and Frauds – classification and reporting. A separate notice was issued to both the banks advising them to show cause as to why the monetary penalty should not be imposed for non-compliance with the aforesaid directions. After considering the banks’ reply, oral submissions made during the personal hearing and additional submissions made after the personal hearing, RBI came to the conclusion that the above charges were established and warranted imposition of monetary penalty,” said the RBI.
“After considering the bank’s reply and oral submissions made during the personal hearing, the RBI came to the conclusion that the charges regarding non-compliance with RBI directions on IRAC norms, management of advances and exposure norms and statutory/other restrictions were established and warranted imposition of monetary penalty,” said the RBI.
Business
Apple is giving a huge discount on its gadgets: Details inside
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