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RBI slaps Rs 4 crore penalty on Citibank NA and Rs 1.45 crore on three other banks for flouting rules

RBI slaps Rs 4 crore penalty on Citibank NA and Rs 1.45 crore on three other banks for flouting rules

Finance
KOLKATA: The Reserve Bank of India has slapped Rs 4 crore penalty on Citibank NA and Rs 1.45 crore on three urban cooperative banks for flouting banking rules. The regulator said the penalty on Citibank was for not adhering to the directions related to customer credentials. It said that the lender overlooked its directions on obtaining declaration from customers about credit facilities enjoyed with other banks, granting non-fund based facilities to non-constituent borrowers, verifying data available in CRILC database and obtaining No-Objection Certificate (NOC) from lending banks at the time of opening current accounts, and submission of compliance to risk assessment findings. “This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity ...
RBI slaps Rs 5 crore penalty on Karur Vysya Bank

RBI slaps Rs 5 crore penalty on Karur Vysya Bank

Finance
The Reserve Bank of India has imposed a penalty of Rs 5 crore on Karur Vysya Bank for non-compliance of its directives. According to a RBI statement on Friday, the penalty was imposed for non-compliance with its directions on "Income Recognition and Asset Classification (IRAC) norms, reporting of frauds, and on the need for discipline at the time of opening of current accounts". "This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the statement added. Let's block ads! (Why?) Banking/Finance-Industry-Economic Times