
RBI penalises Union Bank of India, Transactree Technologies
The Reserve Bank of India has levied a penalty of Rs 63.6 lakh on Union Bank of India for non-compliance with the Banking Regulation Act and directions related to collateral-free agricultural loans. Additionally, Transactree Technologies (Lendbox) faces a Rs 40 lakh penalty for violating norms outlined in the Peer-to-Peer Lending Platform Directions, 2017.
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The Reserve Bank of India RBI ) on Friday announced penalties on Union Bank of India and Transactree Technologies for not following certain regulatory rules.Union Bank of India has been fined Rs 63.6 lakh for not complying with some parts of the Banking Regulation Act, 1949, and for not following RBI's directions related to ' Credit Flow to Agriculture – Collateral-free Agricultural Loans,' the RBI said.In a separate statement, the RBI said Transactree Technologies Pvt Ltd , also known as ' Lendbox ,' has been fined Rs 40 lakh. This was for failing to comply with rules under the 'Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017.'The RBI clarified that these penalties were imposed because of regulatory lapses. The fines are not meant to judge the validity of any deals or agreements these companies have made with their customers.Inputs from PTI
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Time of India
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It's the Maharashtra Industrial Development Corporation that's spearheading the acquisition of 2,832 hectares that will be needed for the greenfield airport project, which spans the villages of Vanpuri, Udachiwadi, Ekhatpur, Munjawadi, Kumbharvalan, Pargaon and Khanwadi — all in Purandar taluka. During a compensation hearing organised by state officials on Tuesday, anger was palpable among the protesting farmers. "We do not want construction here," said Jitendra Memane, a farmer from Pargaon. "We will continue our protests. They had first identified another location. They can build there," he said. Officials TOI spoke to said they would need at least 10 days to review the total of 3,022 objections that had come in from the seven villages. "All these objections and details of the hearings, along with our observations, will be submitted to the state govt," said a senior land acquisition official who is conducting the proceedings, which would have to be comprehensive. 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