Case Brief
The Reserve Bank of India imposed a penalty of ₹10 million on Credit Agricole Corporate and Investment Bank (India) under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949. RBI said the bank had provided services to and earned fees from its outsourcing agency, Credit Agricole CIB Services Pvt. Ltd., in a manner not permitted under Section 6(1). After examining the bank's reply, personal submissions and records, RBI concluded the violation was established and penalty was warranted.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 Cr
- Entity Type
- Bank
- Action Type
- Monetary penalty