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RBI News: RBI penalizes 14 banks for non-compliance with NFB lending norms

RBI News: RBI has imposed penalty on 14 banks for non-compliance with NFB lending norms.

RBI News: The Reserve Bank of India (RBI) has imposed monetary penalty on 14 banks for non-compliance of certain provisions. These banks including Bank of Baroda (BOB) are not required to comply with certain provisions of the directions issued by RBI on Lending to Non-Banking Financial Companies, Bank Finance to Non-Banking Financial Companies, Loans and Advances – Statutory and other restrictions. was punished for doing.Also Read – 20 Ka Note: If you also have this 20 rupee note, then you too can earn thousands sitting at home, know what is the way

Overall, the fine is Rs 14.50 crore. Out of the total, Bank of Baroda was fined the highest amount – Rs 2 crore, and State Bank of India the least amount of Rs 0.50 crore. Also Read – RBI imposed a fine of Rs 25 lakh on Punjab and Sind Bank, know the reason…

The accounts of a group of companies were examined by the RBI and it was found that the banks have failed to comply with the provisions of one or more of the above directions issued by the RBI or have violated the provisions of the Regulation of Banking Act, 1949 is. Also Read – RBI JE Result 2021 Declared: RBI JE 2021 Result Released, Here’s the Direct Link to Check

In addition, ‘notices’ were issued to banks advising them to show cause as to why penalty should not be imposed for directions or contravention of the provisions of the Banking Regulation Act, 1949, RBI said.

(With IANS Inputs)

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