CURRENT AFFAIRS

Detailed explanation-1: -The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.33 crore on Hyderabad-based Spandana Sphoorty Financial Ltd for its failure to adhere to pricing of credit guidelines for Non-Banking Financial Company - Micro Finance Institutions (NBFC-MFIs).

Detailed explanation-2: -Spandana Sphoorty Financial: The RBI imposed a penalty of Rs 2.33 crore on the NBFC, the highest among the entities fined.

Detailed explanation-3: -Additionally, the RBI has also imposed a monetary penalty on an NBFC. The monetary penalty imposed on these banks ranges from ₹1 lakh to ₹2.3 crore.

Detailed explanation-4: -The Reserve Bank of India (RBI) has, by an order dated December 12, 2022, imposed a monetary penalty of ₹2.66 crore (Rupees Two crore sixty-six lakh only) on Bank of Bahrain & Kuwait BSC, India Operations (the bank) for non-compliance with directions issued by RBI on “Cyber Security Framework in Banks”.

Detailed explanation-5: -The Reserve Bank of India (RBI) has, by an order dated October 17, 2022, imposed a monetary penalty of ₹6 lakh (Rupees Six lakh only) on The Pratap Co-operative Bank Ltd., Mumbai (the bank) for non-compliance with certain provisions of the ‘Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016’.