CURRENT AFFAIRS

Detailed explanation-1: -Press Releases. The Reserve Bank of India (RBI) has imposed, by an order dated May 27, 2021, a monetary penalty of ₹10.00 crore (Rupees ten crore only) on HDFC Bank Limited (the bank) for contravention of provisions of section 6(2) and section 8 of the Banking Regulation Act, 1949 (the Act).

Detailed explanation-2: -According to HDFC Bank website, “For such premature withdrawals, including sweep-ins and partial withdrawals, the Bank will levy a penalty of 1%, on the applicable rate. However, penalty for premature withdrawal will not be applicable for FDs booked for a tenor of 7-14 days."

Detailed explanation-3: -RBI imposes monetary penalty on Indian Bank 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. Background.

Detailed explanation-4: -Ambedkar Nagarik Sahakari Bank Maryadit, Gwalior (M.P) (the bank) for contravention of/ non-compliance with the directions issued by the RBI to Urban Co-operative Banks on Exposure Norms & Statutory/ Other Restrictions and Know Your Customer (KYC).

Detailed explanation-5: -RBI imposes monetary penalty of Rs 93 lakh on Axis Bank for non-compliance of directions.