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

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.
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