2023
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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RBI
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PNB
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HDFC
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BOB
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Detailed explanation-1: -RBI penalises Mahindra Finance, Indian Bank over disclosure of interest rates to borrowers. The Reserve Bank of India (RBI) announced that it has imposed penalties on Mahindra & Mahindra Financial Services Ltd, Indian Bank, and Muthoot Money Limited for non-compliance with regulatory norms.
Detailed explanation-2: -On 6-4-2023, the Reserve Bank of India (’RBI’) imposed monetary penalty of Rs. 6.77 crores on Mahindra & Mahindra Financial Services Ltd., Mumbai for non-compliance with the Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016.
Detailed explanation-3: -An order dated April 6, 2023 said, monetary penalty of 55 lakh has been imposed on Indian Bank for non-compliance with certain provisions of the Reserve Bank of India (KYC) Directions, 2016.