RBI Fines Magadh Bank Rs 1 Lakh for KYC Violation

Mumbai, Mar 3 (PTI) The Reserve Bank on Monday imposed a Rs 1 lakh penalty on the Magadh Central Co-operative Bank Ltd, Bihar for non-compliance with its 'know your customer' guidelines.

The lender had failed to put in place a system for carrying out periodic review of risk categorisation of accounts at least once in six months, as per an official statement.






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Private sector lender RBL Bank on Monday appointed Narendra Agrawal as its president and head of branch banking and retail liabilities business.

It has also appointed T S Pari as the chief operations officer, as per an official statement.






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General insurer ICICI Lombard on Monday launched an 'all-risk' cover solution for businesses.

Christened as 'IAR Supreme' the solution has 120 customizable coverage options for both the manufacturing and non-manufacturing sectors, as per an official statement.







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Non-bank lender Poonawalla Fincorp on Monday launched a digital personal loan offering for salaried professionals.

The offering, which comes at a time when concerns have been raised about exposures to the unsecured loans segment at the industry level, will give instant approvals for up to Rs 15 lakh, as per an official statement.