Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹59.10 lakh on Woori Bank by order dated September 07, 2022. RBI found that the bank had not complied with directions on CRILC reporting for customers with non-fund based exposure above ₹5 crore and had, in some cases, failed to pay interest on deposits strictly in line with the rates disclosed in advance. The penalty was imposed under section 47A(1)(c) read with section 46(4)(i) of the Banking Regulation Act, 1949, following a show-cause notice and consideration of the bank's reply and oral submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 59.1 L
- Entity Type
- Bank
- Action Type
- Monetary penalty