Quick Summary
In a recent revelation to the Parliament on 18th Dec, Minister of State for Finance Bhagwat Karad disclosed that the Reserve Bank of India (RBI) has imposed penalties totaling Rs 40.39 crore on various financial entities, including banks, non-banking financial companies (NBFCs), and others, during the FY 2022-23. Penalties Breakdown by Sector According to the written reply provided to the Lok Sabha, the RBI imposed a total of 176 penalties, with cooperative banks facing the major brunt of
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FAQ :
The RBI imposed a total of Rs 40.39 crore in penalties on various financial entities during FY 2022-23.
Cooperative banks faced the highest penalties, totalling Rs 14.04 crore.
Private banks were fined Rs 12.17 crore.
The RBI is mandated to take enforcement actions, including imposing monetary penalties on regulated entities for contraventions of statutes and directions, as per its Enforcement Policy and Framework.
Yes, housing finance companies received penalties of Rs 0.10 crore and NBFCs faced penalties of Rs 4.39 crore.
The RBI has issued guidelines on fair practices code for banks, NBFCs, and HFCs, covering various aspects of lending to ensure ethical and transparent practices.
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