The penalties were imposed for deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers, the RBI said.
Mumbai: The Reserve Bank of India (RBI) on Wednesday said it has imposed a penalty of Rs 1.4 crore on Bank of India for non-compliance with certain regulatory norms.
It has also imposed a penalty of Rs 29.55 lakh on private sector lender Bandhan Bank for non-compliance with certain directions.
The penalty on Bank of India has been imposed for non-compliance with the RBI’s directions related to ‘interest rate on deposits’, ‘customer service in banks’, ‘interest rate on advances’, and contravention of provisions of Credit lnformation Companies Rules, 2006.