[ad_1]
The enforcement actions were taken against banks, non-banking financial companies (NBFCs), asset reconstruction companies (ARCs), housing finance companies, and cooperative banks for non-compliance in areas including cyber security, exposure norms, income recognition and asset classification (IRAC), Know Your Customer (KYC) guidelines, fraud classification and reporting, submission of data to the Central Repository of Information on Large Credits (CRILC), and credit information reporting to credit information companies (CICs).
Also Read: RBI may introduce bank-like rate norms for NBFCs to plug policy gaps
“During 2024-25, the Department undertook enforcement action against REs and imposed 353 penalties aggregating to ₹54.78 crore for contraventions/non-compliance with provisions of statutes and certain directions issued by the Reserve Bank from time to time,” the RBI said in its Annual Report for 2024–25.According to the data, cooperative banks were the most penalised category, with 264 penalties amounting to ₹15.63 crore. The central bank also took action against 37 NBFCs and ARCs, imposing penalties totalling ₹7.29 crore.
Additionally, 13 housing finance companies were fined a combined ₹83 lakh.
Among commercial banks, eight public sector banks faced penalties totaling ₹11.11 crore, while 15 private sector banks were fined ₹14.8 crore. The RBI also penalised six foreign banks during the fiscal year.
With inputs from PTI
[ad_2]
Source link