Latest News | RBI Imposes Rs 27.30 Lakh Penalty on IndusInd Bank

Mumbai, Dec 20 (PTI) A penalty of Rs 27.30 lakh has been imposed on IndusInd Bank for non-compliance with certain provisions of norms related to 'interest rate on deposits', the Reserve Bank said on Friday.

The RBI had conducted a statutory inspection for supervisory evaluation of the bank with reference to its financial position as on March 31, 2023, and had issued a notice to the private sector lender.

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After considering the reply of IndusInd Bank to the notice, additional submissions made by it, RBI said, it found, inter alia, that the charge pertaining to opening of certain savings deposit accounts in the name of ineligible entities was sustained, warranting imposition of monetary penalty.

The RBI, however, added the penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transactions or agreement entered into by IndusInd Bank with its customers.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)