Reserve Bank penalized the Citi Bank NA to the tune of Rs 39 lakh for the failure to comply with the instructions. The bank did not comply with the instructions in the case of the risks. The bank also delayed furnishing the details about the loan to the credit information companies (CIC). Reserve Bank detected the anomaly during the examination of the financial health of the Citi Bank till March 31, 2023. The Reserve Bank penalized other companies also.

RBI said the show cause notice to the Citi Bank NA for failure to comply with the instructions. It said that why should it not be fined for failing to comply with RBI's instructions? After considering the reply received from the bank regarding the notice and the oral reply given personally, RBI found that the bank had reported some violations in the risk limits late. After this, the bank did not upload revised data related to some segments within seven days of receiving the rejection report from the credit information companies.

Apart from this, RBI imposed a fine of Rs 1.50 lakh on JM Financial Home Loans Limited for not complying with some provisions of the Non-Banking Financial Company Housing Finance (Reserve Bank) Directions, 2021. At the same time, a fine of Rs 6.20 lakh has been imposed on Ashirvad Micro Finance Limited for following the rules. RBI said that in all cases the fine is based on deficiencies in compliance with the rules. This does not mean questioning the validity of any transaction or agreement made by the institutions with their customers.

Last Friday, the Reserve Bank of India imposed a total penalty of Rs 68.1 lakh on two banks - Nainital Bank and Ujjivan Small Finance Bank - for violating regulatory norms. In a statement, RBI said that Nainital Bank Ltd was fined Rs 61.40 lakh for non-compliance with certain directions on 'interest rate on advances' and 'customer service in banks'. Besides, RBI imposed a penalty of Rs 6.70 lakh on Ujjivan Small Finance Bank for non-compliance with certain directions issued by RBI on 'Loans and Advances - Statutory and Other Restrictions'.

Reserve Bank penalized the Citi Bank NA to the tune of Rs 39 lakh for the failure to comply with the instructions. The bank did not comply with the instructions in the case of the risks. The bank also delayed furnishing the details about the loan to the credit information companies (CIC). Reserve Bank detected the anomaly during the examination of the financial health of the Citi Bank till March 31, 2023. The Reserve Bank penalized other companies also.

RBI said the show cause notice to the Citi Bank NA for failure to comply with the instructions. It said that why should it not be fined for failing to comply with RBI's instructions? After considering the reply received from the bank regarding the notice and the oral reply given personally, RBI found that the bank had reported some violations in the risk limits late. After this, the bank did not upload revised data related to some segments within seven days of receiving the rejection report from the credit information companies.

Apart from this, RBI imposed a fine of Rs 1.50 lakh on JM Financial Home Loans Limited for not complying with some provisions of the Non-Banking Financial Company Housing Finance (Reserve Bank) Directions, 2021. At the same time, a fine of Rs 6.20 lakh has been imposed on Ashirvad Micro Finance Limited for following the rules. RBI said that in all cases the fine is based on deficiencies in compliance with the rules. This does not mean questioning the validity of any transaction or agreement made by the institutions with their customers.

Last Friday, the Reserve Bank of India imposed a total penalty of Rs 68.1 lakh on two banks - Nainital Bank and Ujjivan Small Finance Bank - for violating regulatory norms. In a statement, RBI said that Nainital Bank Ltd was fined Rs 61.40 lakh for non-compliance with certain directions on 'interest rate on advances' and 'customer service in banks'. Besides, RBI imposed a penalty of Rs 6.70 lakh on Ujjivan Small Finance Bank for non-compliance with certain directions issued by RBI on 'Loans and Advances - Statutory and Other Restrictions'.