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

Daily Current Affairs / RBI imposes fine of Rs 68.1 lakh on Nainital Bank and Ujjivan Small Finance Bank

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Category : Business and economics Published on: February 19 2025

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The Reserve Bank of India said on Friday that it has imposed a total fine of 6.81 million rupees on two banks - Nainital Bank and Ujjivan Small Finance Bank for violation of regulatory norms.
A fine of 6.14 million rupees was imposed on Nainital Bank Limited for not adhering to certain instructions regarding interest rates on advances and customer service in banks.
Additionally, the RBI imposed a fine of 670,000 rupees on Ujjivan Small Finance Bank for not following certain instructions issued by the RBI regarding loans and advances - statutory and other restrictions.
The RBI also imposed a fine of 580,000 rupees on the non-banking entity Shriram Finance for non-compliance with certain provisions, including 'Know Your Customer' (KYC) guidelines and instructions on data format for submitting credit information to credit information companies.