BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Income Regional and Asset Common
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Interest Recognition and Asset Classification
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Income Recognition and Agency Classification
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Income Recognition and Asset Classification
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Detailed explanation-1: -According to RBI statement, the penalty was imposed for non-compliance with its directions on “Income Recognition and Asset Classification (IRAC) norms, reporting of frauds, and on the need for discipline at the time of opening of current accounts". Hence correct answer is option A.
Detailed explanation-2: -RBI imposes monetary penalty on Federal Bank Limited This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Detailed explanation-3: -Press Releases. The Reserve Bank of India (RBI) has, by an order dated November 16, 2021, imposed a monetary penalty of ₹1.00 Crore (Rupees One Crore only) on State Bank of India (the bank) for contravention of sub-section (2) of section 19 of the Banking Regulation Act, 1949 (the Act).
Detailed explanation-4: -This penalty has been imposed in exercise of powers conferred on RBI under section 25(1)(iii) read with section 23(4) of the Credit Information Companies (Regulation) Act, 2005, and section 47A (1) (c) read with sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.
Detailed explanation-5: -RBI imposes monetary penalty on IndusInd Bank Ltd (the bank) for non-compliance with certain directions issued by RBI on ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’.