RBI imposes penalties on Federal Bank and Bank of India

RBI has imposed a penalty of Rs 5.72 crore on Federal Bank for deficiencies in regulatory compliance and Rs 70 lakh on Bank of India for non-compliance with certain provisions of Know Your Customer (KYC) norms and instructions on ‘compliance function in banks’ issued by RBI

RBI has been imposed on Dhani Loans and Services Ltd, Gurugram for non-compliance with KYC norms with fine of Rs 7.6 lakh. RBI had carried out Statutory Inspection for Supervisory Evaluation.