RBI: Reserve Bank of India has imposed penalty on Union Bank of India, RBL Bank and Bajaj Finance Ltd for not complying with the instructions. . The RBI said in a statement that a penalty of Rs 1 crore has been imposed on public sector Union Bank of India for non-compliance with its directions relating to ‘Debts and Advances – Statutory and Other Restrictions’.
Fine of Rs 64 lakh on private bank
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In another order, the central bank said a fine of Rs 64 lakh has been imposed on private sector RBL Bank Ltd for non-compliance with the (Prior Approval for Acquisition of Shares or Voting Rights in Private Sector Banks) Guidelines, 2015. has been applied.
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Action on Bajaj Finance also
The central bank said in another press release that ‘A fine of Rs 8.5 lakh has been imposed on Bajaj Finance Limited for non-compliance with the instructions related to monitoring of frauds in NBFCs.
Approval for merger of this co-operative bank
Meanwhile, the central bank also said that it has approved the plan of merger of Ahmedabad-based The Suvikas People’s Co-operative Bank Limited with ‘The Kalupur Commercial Co-operative Bank Limited’, Ahmedabad. This scheme will be implemented from October 16. The branches of Suvikas People’s Co-operative Bank Limited will function as branches of Kalupur Commercial Co-operative Bank from October 16.