The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 64 lakh on RBL Bank (the bank) for non-compliance with certain directions of Reserve Bank of India (Prior approval for acquisition of shares or voting rights in private sector banks) Directions, 2015.
This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) of the Banking Regulation Act, 1949. 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.
RBL Bank operates as a scheduled commercial bank. The bank offers its services under the various business verticals including corporate and institutional banking, commercial banking, retail banking, agri and development banking and financial markets.
