RBI imposes penalty on 14 banks for non-compliance of rules
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In a press release, the RBI said the violations include non-compliance with certain provisions of directions issued by RBI on Lending to Non-Banking Financial Companies (NBFCs), Bank Finance to Non-Banking Financial Companies (NBFCs), and Loans and Advances - Statutory and Other Restrictions.
RBI said, the action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.
RBI further informed that it has issued notices to the said banks after scrutiny of accounts and the penalty was levied only after duly considering the extent the charges of non-compliance with RBI directions/contraventions of provisions of Banking Regulation Act, 1949.
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