RBI imposes Rs1 cr fine on Lakshmi Vilas Bank, Rs75 lakh on Syndicate Bank for violating norms

आरबीआई ने नियमों का उल्लंघन करने पर लक्ष्मी विलास बैंक पर रु 1 करोड़ और सिंडिकेट बैंक पर रु .75 लाख का जुर्माना लगाया

Points to Remember:

  • The Reserve Bank has imposed a monetary penalty of Rs 1 crore on Lakshmi Vilas Bank and Rs 75 lakh on Syndicate Bank for violating asset classification and fraud detection norms.
  • “The Reserve Bank of India (RBI) has, by an order dated October 14, 2019, imposed monetary penalty of 1 crore on Lakshmi Vilas Bank Ltd for non-compliance with certain provisions of directions issued by RBI on ‘Income Recognition and Asset Classification (IRAC) norms,”
  • This action is 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 bank with its customers, RBI said for the banks.

RBI Policy Rates at a Glance:

  • Policy Repo Rate: 5.15%
  • Reverse Repo Rate: 4.90%
  • Marginal Standing Facility Rate: 5.40%
  • Bank Rate: 5.40%
  • CRR: 4%
  • SLR: 18.75%
Important Possible questions based on above News:
  1. How much penalty has been imposed on Lakshmi Vilas Bank for non-compliance with certain provisions of directions issued by RBI on ‘Income Recognition and Asset Classification (IRAC) norms? 1 crore
  2. The Reserve Bank has imposed a monetary penalty of ___ on Syndicate Bank for violating asset classification and fraud detection norms. Rs 75 lakh

 

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