Case Brief
The Reserve Bank of India imposed monetary penalties on 12 banks—Andhra Bank, Axis Bank, Canara Bank, Corporation Bank, HDFC Bank, ICICI Bank, IDBI Bank, IndusInd Bank, Kotak Mahindra Bank, Ratnakar Bank, State Bank of Hyderabad, and Yes Bank. The penalties followed RBI scrutiny of loan and current accounts of M/s. Deccan Chronicle Holdings Ltd. at certain branches in late 2013, show-cause notices issued in March 2014, and consideration of the banks' replies and submissions. RBI said some violations were substantiated and warranted penalties under Section 47A(1) read with Section 46(4)(i) of the Banking Regulation Act, 1949, for breaches of RBI instructions/directions/guidelines.
Action Snapshot
- Primary Impact
- Fine: Rs 10.0 L
- Entity Type
- Bank
- Action Type