Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore on the Bandhan Bank, on account of contravention of directions contained in Circulars on 'Lending to Non-Banking Financial Companies (NBFCs)' and 'Bank Finance to NBFCs'.
Bandhan Bank is an Indian banking and financial services company headquartered in Kolkata, West Bengal. Bandhan, which started as a micro-finance company in 2001, received banking licence by Reserve Bank of India in 2014.