RBI imposes Rs 2 crore penalty on RBL Bank

On Monday, the Reserve Bank of India fined RBL Bank NSE 2.48 percent Rs 2 crore for violating deposit and board composition rules. The private lender was non-compliant in opening five savings deposit accounts for a cooperative bank after an investigation by the RBI.

RBI conducted a Statutory Inspection for Supervisory Evaluation (ISE) of the bank, which took into account the lender’s

“The examination of the Risk Assessment Report and Inspection Report about ISE 2019, RBI letter dated October 27, 2020, and related correspondence in the matter, revealed, contravention of directions and non-compliance with the opening of five savings deposit accounts,”

According to the lender’s “The examination of the Risk Assessment Report and Inspection Report about ISE 2019, RBI letter dated October 27, 2020.

The RBI said it has also sent the bank notice, asking why it should not face a penalty.