CURRENT AFFAIRS

Detailed explanation-1: -RBI said the action on the two banks is based on 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-2: -The Reserve Bank of India (RBI) has imposed, by an order dated April 07, 2022, a monetary penalty of ₹93 Lakh (Rupees Ninety-three Lakh only) on Axis Bank Ltd.

Detailed explanation-3: -The Reserve Bank of India (RBI) has imposed, by an order dated January 31, 2023, a monetary penalty of ₹15.00 lakh (Rupees Fifteen lakh only) on The Utkal Cooperative Bank Ltd.

Detailed explanation-4: -The Reserve Bank of India (RBI) has fined Bank of Maharashtra Rs 1.12 crore for failing to follow various instructions, particularly those related to Know Your Customer (KYC) regulations, as per PTI said.

Detailed explanation-5: -The Reserve Bank of India (RBI) on Friday imposed a monetary penalty of Rs 93 lakh on private lender Axis Bank.