CURRENT AFFAIRS : BANKING & FINANCE
RBI Imposes Penalty On Mahindra & Mahindra Financial Services & Indian Bank
- The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹6.77 crore on Mahindra & Mahindra Financial Services Limited for non-compliance with the “Non-Banking Financial Company-Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016”.
- The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2019 and March 31, 2020.
- Meanwhile, the RBI imposed a fine of Rs 55 lakh on Indian Bank for non-compliance with certain provisions of the Reserve Bank of India (Know Your Customer) Directions, 2016.
