RBI imposes fine on three entities for failing to comply: The Reserve Bank of India (RBI) imposes fine on three entities: Three organisations, including Industrial Bank of Korea, have received fines from the Reserve Bank for breaking regulations.
September 2022 Current Affairs Quiz
The Reserve bank of India announced that Industrial Bank of Korea has been fined Rs 36 lakh for failing to follow several Know Your Customer (KYC) guidelines.
Woori Bank was fined Rs 59.10 lakh for failing to follow RBI guidelines regarding the “Creation of a Central Repository of Large Common Exposures – Across Banks.”
Indiabulls Commercial Credit Limited, New Delhi, has been fined Rs. 12.35 lakh for failing to follow some KYC directives.
The Reserve Bank did emphasise that the purpose of penalties is not to judge the legality of any transaction or arrangement entered into by the firms with their clients but rather to reflect weaknesses in regulatory compliance.
Static/Current Takeaways Important For All Exam 2022:
- Woori Bank Chairman: Yo Hwan Shin
- Indiabulls Commercial Credit Limited Chairman: Mr. Ajit Kumar Mittal
- RBI Governor: Shaktikanta Das
