RBI Fines Equitas, India Post Payments Banks for Non-Compliance

Mumbai, Jan 31 (PTI) The Reserve Bank of India (RBI) on Friday said it has imposed penalties on Equitas Small Finance Bank and India Post Payments Bank for deficiencies in regulatory compliances.

In a statement, the RBI said it has imposed a penalty of Rs 65 lakh on Equitas Small Finance Bank for non-compliance with certain directions on 'Levy of Foreclosure Charges/Pre-payment Penalty on Floating Rate Term Loans' and 'Credit Flow to Agriculture -- Collateral free agricultural loans'.

A penalty of Rs 26.70 lakh has been imposed on India Post Payments Bank Ltd for non-compliance with certain directions on 'Customer Service in Banks', it said in another statement.

Further, a penalty of Rs 3.10 lakh has also been imposed on Aptus Finance India Pvt Ltd for contravention of certain provisions of norms related to non-banking financial company.

In each of the three cases, the RBI said the penalties are based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.