Updated By: LatestGKGS Desk
RBI slapped 5 Cr Fine on Federal Bank for overlooking the rules
Federal Bank facing fine of 5 Crores from Reserve Bank of India for ignoring guidelines
The Reserve Bank of India has imposed a fine of Rs. 5 crores on Federal Bank for ignoring the rules. This information was given by the Reserve Bank of India.
The Reserve Bank has imposed this penalty on Federal Bank for defaulting on the report of major borrowers and not paying the compensation to customers and for other breaches.
According to the Reserve Bank of India, the Federal Bank has not complied with the reporting rules on the central repository for large loans. This is a big mistake. In addition, the Federal Bank has not been able to report to the Reserve Bank regarding risk-based surveillance estimation.
At the same time, the bank has not even imposed a penalty for delay in settling ATM-related complaints. Apart from this, the bank has failed to follow the rules made to stop KYC and money laundering.
