Question
The Reserve Bank of India (RBI) has imposed monetary
penalties on RBL Bank, Union Bank, and Bajaj Finance due to violation of certain norms.Which of the following is/are true regarding the above information ? I.RBL Bank has been fined Rs 64,00,000 for its failure to obtain an annual declaration in Form B from one of its major shareholders within the stipulated time frame of one month after the close of the financial years ending on March 31, 2018, March 31, 2019, and March 31, 2020. II.Union Bank of India has incurred a penalty of Rs 90 lakh for sanctioning a term loan to a corporation without conducting necessary due diligence on the viability and bankability of the projects. III.A penalty worth Rs 8,50,000 was imposed on Bajaj Finance due to the company's non-compliance with the 'Monitoring of Frauds in NBFCs Directions, 2016.Solution
Ā The Reserve Bank of India (RBI) has imposed monetary penalties on RBL Bank, Union Bank, and Bajaj Finance due to violation of certain norms.Ā Ā RBL Bank has been fined Rs 64,00,000 for its failure to obtain an annual declaration in Form B from one of its major shareholders within the stipulated time frame of one month after the close of the financial years ending on March 31, 2018, March 31, 2019, and March 31, 2020. The bank also neglected to provide certificates to RBI confirming the 'fit and proper' status of one of its major shareholders by the end of September in these respective financial years.Ā Ā Further, Union Bank of India has incurred a penalty of Rs 1 crore for its failure to comply with specific directions. The bank had sanctioned a term loan to a corporation without conducting necessary due diligence on the viability and bankability of the projects.Ā A penalty worth Rs 8,50,000 was imposed on Bajaj Finance. The penalty was levied due to the company's non-compliance with the 'Monitoring of Frauds in NBFCs Directions, 2016,' a set of guidelines issued by the RBI.
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