Connect with us

Business

RBI slaps Rs 1 Cr penalty on Bandhan Bank

Published

5 years ago

on

The Reserve Bank of India (RBI) on Tuesday imposed Rs1 crore penalty on Bandhan Bank for non-compliance with promoter holding norms, contained in the licencing guidelines.

Under the guidelines, the bank was required to bring down shareholding of its “non-operative financial holding company” to 40% of its paid-up equity capital within three years from the date of start of business.

However, as the bank failed to comply with the licencing guidelines, a show cause notice was issued asking why a penalty should not be imposed for the non-compliance, the RBI said in a statement on Tuesday.

“After considering the reply received from the bank, submissions made during personal hearing and documents submitted, the RBI came to the conclusion that the bank had failed to comply with the licencing guidelines and decided to impose the penalty,” the banking regulator said.

As per reports, the bank was expected to slash the shareholding of Bandhan Financial Holding Ltd., which is Bandhan bank’s non-operative financial holding company to 40 percent of its total paid-up voting capital. The bank was expected to do this within three months from commencement of business.

As they didn’t carry out what was expected of them, the bank was served a show cause notice, to which the bank did not come up with a satisfactory response.

However, the bank said that they have been trying to bring down the shareholding of the promoters to 40 percent. It hasn’t been long since the bank merged with Gruh Finance, which brought their shareholding down from 82.26 per cent to 60.96 per cent.

RBI has imposed this fine under the provisions open to them under the Banking Regulation Act, 1949, and has also clarified that this is not applicable to the validity of any transaction or agreement that the bank has with its customers.

Related Topics:
Continue Reading

Business

Apple is giving a huge discount on its gadgets: Details inside

Published

3 years ago

on

May 5, 2022

By

If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

Continue Reading

Trending