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

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

Change Language English Hindi

Category : Business and economics Published on: February 19 2025

Share on facebook

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.

Recent Post's

Aernnova Aerospace signs a $300 million contract with Mahindra Aerostructures to manufacture aircraft components for Airbus and Embraer.
Read More....
Smriti Mandhana regains No.1 spot in ICC ODI batting rankings after six years.
Read More....
Hindustan Zinc to invest ₹12,000 crore to set up a new integrated zinc smelter in Rajasthan.
Read More....
Indian Army contingent departs for 8th India-France joint military exercise SHAKTI in France.
Read More....
U Mumba wins their first-ever Ultimate Table Tennis title with an 8-4 victory over Jaipur Patriots.
Read More....
Indian boxer Nishant Dev wins his second professional fight at Madison Square Garden, New York.
Read More....
CCI approves Delhivery’s acquisition of 99.44% stake in Ecom Express.
Read More....
Ministry of Panchayati Raj to sign MoU with Bhashini to improve multilingual e-Governance.
Read More....
Fast-food chain Dairy Queen, owned by Warren Buffett, to enter Indian market via Devyani International.
Read More....
Tom Cruise, Dolly Parton, Debbie Allen, and Wynn Thomas to receive honorary Oscars in 2025.
Read More....