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In September 2021, the Reserve Bank of India (RBI) has imposed a ₹2 crore monetary penalty on which of the following banks for breaching deposit, board composition norms?

In September 2021, the Reserve Bank of India (RBI) has imposed a ₹2 crore monetary penalty on which of the following banks for breaching deposit, board composition norms? Correct Answer RBL Bank Limited

The correct answer is RBL Bank Limited.

Key Points

  • The Reserve Bank of India (RBI) has imposed a ₹2 crore monetary penalty on RBL Bank Limited for breaching deposit, board composition norms.
  • The bank had opened five savings deposit accounts in the name of a cooperative bank.
  • It had also failed to comply with the provisions of section 10A(2)(b) of the Banking Regulation Act, 1949, relating to the composition of the Board of Directors.

Additional Information

  • ​About RBL Bank:
    • RBL Bank was formerly known as Ratnakar Bank.
    • It is an Indian private sector bank headquartered in Mumbai.
    • It was founded in 1943. 

Related Questions

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