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- Penalty on Federal Bank:
- Penalty on Bank of India:
- More information:
- What is Regulatory Compliance?
- About federal Bank:
- About Bank of India:
RBI has slapped penalty on two banks and one financial organisation.
Penalty on Federal Bank:
- RBI has imposed a penalty of Rs 5.72 crore on Federal Bank for deficiencies in regulatory compliance.
Penalty on Bank of India:
- An amount of Rs 70 lakh has also been imposed on Bank of India for non-compliance with certain provisions of Know Your Customer (KYC) norms and instructions on compliance function in banks.
More information:
- Due to non-compliance with KYC norms RBI has imosed a fine of Rs. 7.6 lakh on Gurugram based Dhani Loans and Services Limited.
- The penalities are based on the deficiencies in regulatory compliance.
- It is not intended to pronounce upon the validity of any transaction or agreement entered into by the two banks and Dhani Loans and Services with their customers.
What is Regulatory Compliance?
- Regulatory compliance is an organization’s adherence to laws, regulations, guidelines and specifications.
- It is imortant to processes any business.
- Violations of regulatory compliance may result in legal punishment, including federal fines.
About federal Bank:
- Founded: 23 April 1931.
- Founder: K.P Hormis.
- Headquarters: Aluva, KOchi.
- CEO of Federal Bank: Shyam Srinivasan.
About Bank of India:
- Headquarters: Mumbai.
- Founded: 7 September 1906.
- Founder: Ramnarain Ruia.
- MD & CEO: Atanu Kumar Das.