Case Brief
RBI, by order dated March 04, 2024, imposed a monetary penalty of Rs 29.55 lakh on Bandhan Bank Ltd. for non-compliance with certain directions under the RBI (Interest Rate on Deposits) Directions, 2016. The penalty was imposed under section 47A(1)(c) read with section 46(4)(i) of the Banking Regulation Act, 1949, following supervisory findings from the Statutory Inspection for Supervisory Evaluation (ISE 2022). After considering the bank's response, oral submissions, and additional submissions, RBI sustained the charge relating to opening of a savings deposit account of an ineligible entity.
Action Snapshot
- Primary Impact
- Fine: Rs 29.6 L
- Entity Type
- Bank
- Action Type
- Monetary penalty