RBI imposes Rs 68.1 lakh fine on Nainital Bank, Ujjivan Small Finance Bank

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RBI imposes Rs 68.1 lakh fine on Nainital Bank, Ujjivan Small Finance Bank - Business Standard

Quick Summary:

The Reserve Bank on Friday said it has imposed penalties totalling Rs 68.1 lakh on two banks -- Nainital Bank and Ujjivan Small Finance Bank -- for contravention of regulatory norms.A penalty of Rs 61.40 lakh was imposed on Nainital Bank Ltd for non-compliance with certain directions on Interest Rate on Advances' and Customer Service in Banks', RBI said in a statement.

Further, RBI imposed a penalty of Rs 6.70 lakh on Ujjivan Small Finance Bank for non-compliance with certain directions issued by RBI on Loans and Advances - Statutory and Other Restrictions'.

The penalties are based on the deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement .