Latest news with #CRILC
Time of India
7 days ago
- Business
- Time of India
RBI Penalties: RBI Imposes Rs 54.78 Crore in Penalties on 353 Banks and Financial Entities in FY25, ET LegalWorld
The Reserve Bank took enforcement action against regulated entities (REs) and imposed 353 penalties aggregating to Rs 54.78 crore in the fiscal ending March 31, 2025 for contraventions with provisions of statutes. The contraventions/non-compliance were related to cyber security framework in banks; exposure norms and IRAC norms; know your customer directions; frauds classification and reporting directions; reporting information on CRILC; and submission of credit information to credit information companies (CICs). "During 2024-25, the Department undertook enforcement action against REs and imposed 353 penalties aggregating to Rs 54.78 crore for contraventions/non-compliance with provisions of statutes and certain directions issued by the Reserve Bank from time to time," according to the RBI's Annual Report for the Year 2024-25 released on Thursday. Advt RBI data showed that as many as 264 penalties amounting to Rs 15.63 crore were imposed on cooperative the RBI imposed penalties on 37 non-banking financial companies/asset reconstruction companies totalling Rs 7.29 crore and 13 housing finance companies (Rs 83 lakh).During the last fiscal, penalties aggregating to Rs 11.11 crore were imposed on eight public sector banks and Rs 14.8 crore on 15 private many as six foreign banks too were penalised. Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETLegalWorld App Get Realtime updates Save your favourite articles Scan to download App
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Business Standard
01-06-2025
- Business
- Business Standard
RBI imposed penalties on 353 banks, other regulated entities in FY25
The Reserve Bank took enforcement action against regulated entities (REs) and imposed 353 penalties aggregating to ₹54.78 crore in the fiscal ending March 31, 2025 for contraventions with provisions of statutes. The contraventions/non-compliance were related to cyber security framework in banks; exposure norms and IRAC norms; know your customer directions; frauds classification and reporting directions; reporting information on CRILC; and submission of credit information to credit information companies (CICs). "During 2024-25, the Department undertook enforcement action against REs and imposed 353 penalties aggregating to Rs 54.78 crore for contraventions/non-compliance with provisions of statutes and certain directions issued by the Reserve Bank from time to time," according to the RBI's Annual Report for the Year 2024-25 released on Thursday.
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Business Standard
16-05-2025
- Business
- Business Standard
RBI penalises Deutsche Bank, YES Bank for breaching compliance norms
Deutsche Bank and YES Bank fined ₹50 lakh and ₹29.6 lakh respectively for violating RBI directions on credit reporting and disclosure of customer complaints Mumbai The Reserve Bank of India (RBI) has imposed monetary penalties on Deutsche Bank and YES Bank for non-compliance with specific regulatory directions. A penalty of ₹50 lakh was levied on Deutsche Bank for violating RBI directives on the 'Creation of a Central Repository of Large Common Exposures – Across Banks' and the 'Central Repository of Information on Large Credits (CRILC) – Revision in Reporting'. The bank failed to report credit information of certain borrowers to the CRILC. These deficiencies were observed during the Statutory Inspection for Supervisory Evaluation (SE) with reference to the bank's financial position as on 31 March 2024. Separately, YES Bank was fined ₹29.60 lakh for non-compliance with the RBI's directions on 'Financial Statements – Presentation and Disclosures'. The bank did not disclose correct and complete information about customer complaints in its annual financial statements for FY24. The RBI clarified that these actions are based solely on deficiencies in regulatory compliance and are not intended to question the validity of any transactions or agreements entered into by the banks with their customers. The penalties are without prejudice to any other regulatory or supervisory action that the RBI may initiate in future.
