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RBI Fines IndusInd Bank Rs 27.30 Lakh for Interest Rate Violations

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By Rediff Money Desk, Mumbai   Dec 20, 2024 19:04

The Reserve Bank of India (RBI) has imposed a Rs 27.30 lakh penalty on IndusInd Bank for non-compliance with norms related to interest rates on deposits. The penalty was levied after an inspection revealed irregularities in the bank's savings deposit account opening practices.
RBI Fines IndusInd Bank Rs 27.30 Lakh for Interest Rate Violations
Mumbai, Dec 20 (PTI) A penalty of Rs 27.30 lakh has been imposed on IndusInd Bank for non-compliance with certain provisions of norms related to 'interest rate on deposits', the Reserve Bank said on Friday.

The RBI had conducted a statutory inspection for supervisory evaluation of the bank with reference to its financial position as on March 31, 2023, and had issued a notice to the private sector lender.

After considering the reply of IndusInd Bank to the notice, additional submissions made by it, RBI said, it found, inter alia, that the charge pertaining to opening of certain savings deposit accounts in the name of ineligible entities was sustained, warranting imposition of monetary penalty.

The RBI, however, added the penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transactions or agreement entered into by IndusInd Bank with its customers.
Source: PTI
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