reserve Bank of India
The Reserve Bank of India has imposed a fine of about 45 lakhs on the bank Bandhan Bank of the private sector of the country. The Reserve Bank of India (RBI) has imposed a penalty of Rs 44.7 lakh on Bandhan Bank. Because the bank did not follow some rules and laws. The RBI said on Friday that a statutory inspection was done by 31 March 2024 to investigate the financial status of the bank.
This investigation found that the bank did not follow the instructions of the RBI. After this, a notice was sent to the bank, in which it was asked why the penalty should not be imposed due to breaking the rules. RBI said that the bank had paid some employees as commission. The bank violated many rules of RBI, due to which the regulatory bank has imposed this penalty on the private sector bank.
Accused on bank
The RBI found in the investigation that Bandhan Bank tampered with the data of some of its accounts. The bank made the disturbance from the bank and did not record the audit trails/logs properly in the system, in which the user details should have been captured. The Reserve Bank of India has made it clear that the penalty imposed on Bandhan Bank has been imposed only and only for not following the legal rules on behalf of the bank. With this, the customers of the bank are not to do directly. The RBI has also stated that this does not mean that any transaction or agreement done with the customers of the bank is being questioned.
This strict action of RBI is being considered a big message for the banking sector. The Central Bank is repeatedly trying to follow all bank rules and guidelines properly, so that the trunspercy remains and the trust of the customers.