Case Brief
RBI has imposed a monetary penalty of Rs 31,80,000 on BNP Paribas by order dated September 2, 2024. The penalty was levied after supervisory inspection findings showed non-compliance with RBI directions on ‘Interest Rate on Advances’. RBI sustained the charge that the bank failed to adopt a uniform external benchmark within the same loan category for certain loans, and imposed the penalty under Section 47A(1)(c) read with Sections 46(4)(i) of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 31.8 L
- Entity Type
- Bank
- Action Type
- Monetary penalty
- Order Date