RBI Imposes Penalty on BoI

On 13th March, RBI imposed Rs 1.4 crore penalties on Bank of India (BoI) for non-compliance with regulatory norms.

Bandhan Bank fined Rs 29.55 lakh for non-compliance with certain directions.
Penalty on Bank of India relates to interest rates, customer service, advances, and contravention of Credit Information Companies Rules, 2006.
Statutory inspection conducted by RBI for supervisory evaluation of Bank of India.
Indostar Capital Finance Ltd penalized Rs 13.60 lakh for non-compliance with fraud monitoring and KYC directions.
Penalties imposed for deficiencies in regulatory compliance, not to invalidate transactions with customers.