Case Brief
By an order dated January 15, 2025, RBI imposed a monetary penalty of ₹26.70 lakh on India Post Payments Bank Limited. The penalty was imposed after an inspection and supervisory process found that the bank had not complied with certain RBI directions on Customer Service in Banks. RBI sustained the charge that the bank upgraded certain Savings Bank accounts without obtaining customers’ consent, and also levied annual charges after those accounts were upgraded. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 26.7 L
- Entity Type
- Bank
- Action Type
- Monetary penalty