It is the responsibility of all banks to follow the guideline issued by the Reserve Bank of India. If a bank violates these rules, legal action is taken against it. Recently, a new statement in relation to the RBI has been issued by RBI on Friday.
Which banks have been imposed penalty?
Let us tell you that in the case of any type of rule violation by RBI, a penalty has been imposed on Indian Bank and Mahindra & Mahindra Financial Services. Indian Bank has a huge penalty of Rs 1.61 crore. The Indian Bank is accused of violation of several types of banking regulation act and ‘Interest Rate on Advances’.
Apart from this, a penalty has also been imposed on the Mahindra & Mahindra Financial Services Limited by the RBI in the rules violation. On this, RBI has imposed a penalty of Rs 71.30 Lakh. It is necessary to follow all the rules for better operation of banks or any financial institution.