The Reserve Bank of India (RBI) has imposed.....penalty on IndusInd Bank for breaching rules on income classification norms.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The Reserve Bank of India (RBI) has imposed____penalty on IndusInd Bank for breaching rules on income classification norms.

A	Rs 15 crore
B	Rs 7 crore
C	Rs 10 crore
D	Rs 3 crore

Explanation:

Detailed explanation-1: -The Reserve Bank of India (RBI) has, by an order dated June 29, 2022, imposed a monetary penalty of ₹1 crore (Rupees One crore only) on IndusInd Bank Ltd.

Detailed explanation-2: -The Reserve Bank of India (RBI) has, by an order dated September 07, 2022, imposed a monetary penalty of ₹36 lakh (Rupees Thirty-six lakh only) on Industrial Bank of Korea (the bank) for non-compliance with certain provisions of the ‘Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016’.

Detailed explanation-3: -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-4: -RBI imposes monetary penalty on Kotak Mahindra 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.

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