Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 10,000 on Equitas Small Finance Bank on account of a deficiency observed in one of its Branches viz., Kandri Branch, Kanhan Nagpur, Maharashtra in providing the exchange facility for the soiled/mutilated notes to non-customers.
While the Bank has laid down adequate procedures to ensure compliance with this regulatory requirement across its branches, the procedural lapse leading to deficiency in providing the exchange facility at the said branch is being investigated for necessary action to ensure that such incident do not recur.
Equitas Small Finance Bank offers personalised services and helps finds the right product to suit individual banking requirements for their savings.
