Question
Which financial regulator imposed a penalty of Rs 31.8
lakh on BNP Paribas?Solution
The Reserve Bank of India (RBI) levied a fine of Rs 31.8 lakh on BNP Paribas due to non-compliance with the RBI's guidelines on 'Interest Rate on Advances'. This action falls under the regulatory purview granted to RBI by Sections 47 A(1)(c) and 46(4)(i) of the Banking Regulation Act, 1949.
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