Three businesses have been hit with financial fines by the Reserve Bank of India (RBI): Bank of Maharashtra, Hinduja Leyland Finance, and Poonawalla Fincorp.
RBI Slaps Penalties on Bank of Maharashtra
Three businesses, including PSU lender Bank of Maharashtra, have been hit financially by the Reserve Bank of India (RBI) for breaking rules. The state-run bank has been fined Rs 1,27,20,000 by the banking regulator, while the non-banking financial companies (NBFCs) Poonawalla Fincorp and Hinduja Leyland have been fined Rs 10 lakh and Rs 4.9 lakh, respectively.
Penalties on the Maharashtra Bank
The RBI pointed to “non-compliance with certain directions issued by RBI on ‘Loan System for Delivery of Bank Credit’, ‘Cyber Security Framework in Banks’ and ‘Know Your Customer Three corporations, including Bank of Maharashtra and Poonawalla Fincorp, were penalized by the RBI.
Three businesses have been hit with financial fines by the Reserve Bank of India (RBI): Bank of Maharashtra, Hinduja Leyland Finance, and Poonawalla Fincorp.
Three businesses, including PSU lender Bank of Maharashtra, have been hit financially by the Reserve Bank of India (RBI) for breaking rules. The state-run bank has been fined Rs 1,27,20,000 by the banking regulator, while the non-banking financial companies (NBFCs) Poonawalla Fincorp and Hinduja Leyland have been fined Rs 10 lakh and Rs 4.9 lakh, respectively.
Penalties on the Maharashtra Bank, RBI Slaps Penalties on Bank of Maharashtra
The RBI noted non-compliance with its directives regarding the “Know Your Customer,” “Cyber Security Framework in Banks,” and “Loan System for Delivery of Bank Credit. for the state-run lender to be subject to the penalties
Poonawalla Fincorp faces penalties
The RBI’s action to impose a monetary penalty in the Poonawalla Fincorp case was motivated by non-compliance with certain sections of its directions on systematically important non-deposit-taking and deposit-taking entities pursuant to its Fair Practices Code for NBFCs.
Hinduja Leyland Finance faces a penalty
In the case of Hinduja Leyland Finance, it cited non-compliance with specific sections of the Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016. Following specific inspections, the RBI found that the enterprises in all three cases had not complied with its directives and related communications, leading to the issuance of separate notices by the RBI and further proceedings.
In the case of Bank of Maharashtra, the RBI exercised its authority under Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949. In the cases of Poonawalla Fincorp and Hinduja Leyland Finance, the RBI exercised its authority under Clause (b) of Sub-Section (1) of Section 58 G read with Clause (aa) of Sub-Section (5) of Section 58 B of the RBI Act, 1934.
According to the RBI, the fines are being imposed “without prejudice to any other action that the RBI may initiate against the company.
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