Question
Which of the following statements is/are correct
regarding RBI penalties? 1. RBI imposed a ₹25,000 penalty on RAR Fincare Limited for non-compliance with change in management of NBFCs. 2. The penalty on RAR Fincare Limited was imposed for failure to obtain prior written permission from RBI. 3. The penalty on Durgapur Mahila Co-operative Bank was ₹2 lakh.Solution
• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹25,000 on RAR Fincare Limited, Chennai for non-compliance with RBI's directions on change in management of Non-Banking Financial Companies (NBFCs). • The penalty was imposed due to the company's failure to obtain prior written permission from RBI before changing more than 30% of its directors, excluding independent directors. • In a separate case, RBI imposed a ₹1 lakh penalty on Durgapur Mahila Co-operative Bank Limited, Kolkata for violating RBI's investment regulations for Urban Co-operative Banks. • The violations included breaching prudential inter-bank counterparty and exposure limits. • Both penalties were imposed based on deficiencies in regulatory compliance and do not affect the validity of any transactions or agreements with customers. • These actions are without prejudice to any other actions RBI may take against the companies involved.
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