Which of the following is/are not true with respect to the information released on the monetary penalties imposed by the Reserve Bank of India   in 2022-23 ?

I.The Reserve Bank of India (RBI) imposed monetary penalties worth Rs 30.29 crore on 211 banks and other entities.

II.Out of 211, 145 penalties worth Rs 14.04 crore alone were imposed on cooperative banks.

III. Five penalties worth Rs 4.65 crore were imposed on foreign banks. Two penalties each were imposed on small finance banks (Rs 0.97 crore) and housing finance companies (Rs 0.10 crore). Data showed that one penalty of Rs 0.42 crore was imposed on a regional rural bank.

Solution

The Reserve Bank of India (RBI) imposed monetary penalties worth Rs 40.29 crore on 211 banks and other entities. Out of 211, 176 penalties worth Rs 14.04 crore alone were imposed on cooperative banks.Cooperative banks were followed by 11 penalties on non-banking financial companies (NBFCs) and seven on private sector banks and public sector banks each. The total penalties on NBFCs amounted to Rs 11 crore. On private banks and public banks, the penalties amounted to Rs 12.17 crore and Rs 3.65 crore, respectively.Five penalties worth Rs 4.65 crore were imposed on foreign banks. Two penalties each were imposed on small finance banks (Rs 0.97 crore) and housing finance companies (Rs 0.10 crore). Data showed that one penalty of Rs 0.42 crore was imposed on a regional rural bank.