MONETARY PENALTY
RBI imposes Rs 29.6 lakh penalty on HSBC
The Reserve Bank of India (RBI) has imposed a Rs 29.6 lakh penalty on The Hongkong and Shanghai Banking Corporation Limited (HSBC) for non-compliance with certain directions related to cards. The bank failed to ensure no negative amortisation while computing Minimum Payment Due in certain credit card accounts. The RBI found that the charge against the bank was sustained, warranting the imposition of monetary penalty.
Bureau of Immigration imposes Rs 1 lakh fine on Indigo for visa violations
In a mandatory regulatory filing, InterGlobe Aviation Limited, the parent company of Indigo has disclosed that the Bureau of Immigration which comes under the Ministry of Home Affairs has imposed a penalty of Rs 1 lakh over alleged visa-related violations. The airline received the communication regarding the fine on June 11.
GST Council proposes interest, penalty waiver on tax dues
"Our intent is to make GST assessees' life easier, simpler and less cumbersome... We are working towards less and less compliance," Union finance minister Nirmala Sitharaman, chairperson of the body, told reporters after the council's 53rd meeting that was held in the capital.
GST Council proposes interest, penalty waiver on tax dues
The GST Council, chaired by Union Finance Minister Nirmala Sitharaman, empowered tax authorities to waive interest and penalties on past tax demands, aiming to ease compliance for GST assessees.
FIU imposes over Rs 1.66 crore fine on Axis Bank for failing to detect fraud NSG account
The Financial Intelligence Unit has fined Axis Bank over Rs 1.66 crore for failure to detect and report suspicious transactions involving a fraudulent account created in the name of the NSG counter-terrorist force. The agency's order under the PMLA found Axis Bank employees complicit in a large-scale fraud. The bank was directed to review its monitoring mechanisms, improve data-sharing practices, and implement stringent employee screening and training programs.
RBI imposes monetary penalty on SBM Bank (India)
The Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 88.70 lakh on SBM Bank (India) for non-compliance with certain regulatory norms. In a statement, the central banks said the penalty has been imposed for non-compliance with licensing conditions imposed by the RBI, and specific directions to stop undertaking Liberalised Remittance Scheme (LRS) transactions with immediate effect.
- Go To Page 1
RBI imposes monetary penalty on HSBC for LRS reporting violations
The Reserve Bank of India has imposed a monetary penalty of Rs 36.38 lakh on HSBC Limited for violating reporting requirements under the Liberalised Remittance Scheme, despite the bank's response to a show cause notice.
Rs 91 lakh penalty on YES Bank for wrongly levying non-maintenance of minimum balance charges: Is your bank charging the same?
Minimum balance negative in savings bank account: RBI has imposed a penalty of Rs 91 lakh on YES Bank for not complying with the master directions on customer service in banks. One of the reason was levying charges on savings bank account having insufficient or zero balance. Has your bank done the same too?
RBI imposes Rs 3.1 lakh penalty on Hero FinCorp
The RBI carried out a statutory inspection of the company, assessing its financial status as of March 31, 2023. Following this inspection, the RBI found instances of non-compliance with its directives and corresponding communication. Consequently, the company received a notice prompting it to explain why penalties shouldn't be applied due to its failure to adhere to the directives.
RBI imposes monetary penalty on Satara Sahakari Bank Limited
According to RBI, the penalty, imposed by an order dated April 29, 2024, has been invoked under the powers vested in RBI, conferred under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.
NFRA debars auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
The National Financial Reporting Authority (NFRA) has barred auditors of M/s Brightcom Group for up to ten years and imposed heavy monetary penalties on them, citing professional misconduct in auditing the company between FY20 and FY22.
RBI imposes Rs 60.3 lakh penalty on five co-operative banks
RBI imposed penalties totaling Rs 60.3 lakh on five co-operative banks for regulatory violations. Penalties include fines for non-compliance with specific directions. Monetary penalties are based on regulatory compliance issues, not transaction validity.
Israel-Iran crisis: Options and dilemmas
Israeli leaders are considering how to respond to Iran's unprecedented airstrike, with options including aggressive strikes, symbolic targets, cyberattacks, and diplomatic measures. The attack, in retaliation for an Israeli strike in Syria, broke previous norms in their shadow war. Israel's war Cabinet is weighing responses to deter future attacks without escalating into a major conflict.
RBI imposes Rs 6 lakh penalty on The Mandi Cooperative Bank for breaching inter-bank exposure limits
RBI imposed fines on various cooperative banks across states for different violations, including breaching exposure limits, KYC non-compliance, improper loans, and delayed fund transfers in different financial years.
RBI imposes Rs 59.90 lakh penalty on Nashik's Janalaxmi Cooperative Bank
The Reserve Bank of India (RBI) has levied penalties on several cooperative banks for various non-compliance issues. Nashik-based Janalaxmi Cooperative Bank has been fined Rs 59.90 lakh for failing to form a board of management within the extended timeline set by the RBI, extending credit facilities beyond prescribed limits to nominal members, and offering term deposits at higher interest rates than State Bank of India.
RBI imposes penalties on DCB Bank, Tamilnad Mercantile Bank
RBI penalized DCB Bank and Tamilnad Mercantile Bank for non-compliance with interest rate directives and CRILC reporting revisions. Penalties were due to regulatory compliance issues, not transaction validity.
From kid gloves to sucker punch: What recent RBI crackdowns on JM Financial, IIFL and Paytm Payments Bank show
The Reserve Bank of India (RBI) has been increasingly imposing penalties on banks and non-banking finance companies for violating its rules. The move from a consultative approach to monetary policy and forming regulations has led to a paradigm shift in its approach to addressing regulatory breaches. The RBI has ordered Paytm Payments Bank to shut down its business for not complying with rules regarding know your customer (KYC) and prevention of money laundering, eroding its market value by nearly half in a matter of days.
CCI rejects plea to delink penalty from global turnover
The CCI issued the statement after it notified on Wednesday its new regulations, moving on from the earlier regime of pegging the maximum penalty to a firm's turnover in the relevant market where the abuse of law has taken place. The statement dated March 6 contains the regulator's take on the inputs submitted by 25 stakeholders on the draft Turnover or Income Regulations, 2023. The CCI had placed the draft on its website for public comments between December 22 and January 25.
Stakeholders' demand to delink penalty from global turnover 'not accepted': CCI's general statement
The Competition Commission of India (CCI) has rejected stakeholders' plea to retain the earlier monetary penalty framework for antitrust activities. The new regime links the maximum penalty to a firm's global turnover, boosting the regulator's chances of curbing antitrust activities involving Big Tech.
Penalty for unfair trade practices to be linked to global turnover
The CCI regulations followed a notification issued by the ministry of corporate affairs stipulating March 6 as the date for implementing the relevant provisions of the Competition (Amendment) Act 2023 that deal with the new monetary penalty regime.
RBI penalises Bajaj Housing Finance
The central bank said, in a statement, that the charge of non-compliance with the aforesaid statutory directions by the company was substantiated and warranted imposition of the monetary penalty.
RBI levies Rs 7 lakh penalty on Navsarjan Industrial Co-operative Bank for non-compliance
According to RBI, this penalty, enacted through an order dated December 14, 2023, has been imposed due to the bank's non-compliance with RBI directives on 'Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs),' 'Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016,' and the contravention of 'Section 26A (2) read with Section 56 of the Banking Regulation Act, 1949 (BR Act).'
RBI penalises five Gujarat-based cooperative banks
The Reserve Bank of India has imposed penalties on five Gujarat-based cooperative banks for non-compliance with its regulations. The penalties range from Rs 50,000 to Rs 5 lakh, with the most severe being a Rs 5 lakh penalty on the Vadodara-based Shree Bharat Co-operative Bank for non-compliance with its 2016 norms on interest rate on deposits.
US court approves order for Binance to pay $2.7 billion to CFTC
The court imposed a $150 million civil monetary penalty personally against Changpeng Zhao, and required Binance to disgorge $1.35 billion of ill-gotten transaction fees and pay a $1.35 billion penalty to the CFTC
RBI imposes monetary penalty on PNB, Federal Bank, and two NBFCs
The penalty was imposed on Punjab National Bank due to several violations, including levying SMS charges on certain accounts despite maintaining invalid mobile numbers in the Core Banking Solution (CBS), not strictly adhering to the interest rates as per the pre-disclosed schedule in several term deposit accounts, and failing to specify the interest reset date in MCLR-linked loans.
Reserve Bank of India slaps Rs 5.39 crore penalty on Paytm Payments Bank
The Reserve Bank of India (RBI) has imposed a penalty of Rs 5.39 crore on Paytm Payments Bank for failing to comply with regulatory guidelines. The bank was found to have violated licensing guidelines, delayed reporting of cybersecurity incidents, and failed to secure mobile banking applications.
RBI imposes Rs 5.39 cr penalty on Paytm Payments Bank
The Reserve Bank of India (RBI) has imposed a penalty of Rs 5.39 crore on Paytm Payments Bank for non-compliance with KYC norms and other provisions. The RBI found that the bank failed to identify beneficial owners of entities providing payout services and did not monitor payout transactions or carry out risk profiling.
RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank
A penalty of Rs 1.3 crore has been imposed on the State Bank of India for non-compliance with certain directions issued by the RBI on 'Loans and Advances - Statutory and Other Restrictions' and 'Guidelines on Management of Intra-Group Transactions and Exposures', RBI said in a statement. In another release, the RBI said a penalty of Rs 1.62 crore has been imposed on Indian Bank for contravention of certain directions on 'Loans and Advances - Statutory and Other Restrictions', KYC, and 'Reserve Bank of India (Interest Rate on Deposits) Directions, 2016'.
RBI imposes monetary penalty on four cooperative banks for rule violations
The banks that have been penalised are the Baramati Sahakari Bank, the Becharaji Nagarik Sahakari Bank, the Waghodia Urban Co-operative Bank, and the Viramgam Mercantile Co-operative Bank, according to the releases. The central bank has imposed a penalty of Rs 2 lakh each on Baramati Sahakari Bank and Becharaji Nagarik Sahakari Bank, as mentioned in the releases.
Load More
