RBI imposed penalty on Bandhan Bank: The Reserve Bank of India has imposed a fine of Rs 44.7 lakh on private sector Bandhan Bank for violating rules.
The Reserve Bank of India (RBI) has imposed a fine of Rs 44.7 lakh on private sector bank Bandhan Bank in a major action. The central bank said that a statutory inspection was conducted to check the financial position till March 31, 2024. Many flaws and violations of rules came to the fore in this investigation.
According to the RBI report, Bandhan Bank did not follow the regulatory guidelines in some cases. The bank is accused of making payments to some employees as commission and tampering with the data of many accounts. Not only this, the bank also did not properly record the necessary audit trails and logs in the system.
Reason for RBI imposed penalty on Bandhan Bank
RBI clarified that this penalty has been imposed only due to negligence in following the rules by the bank. It will not have any direct impact on the transactions or accounts of the customers. The Reserve Bank also clarified that the purpose of imposing the penalty is to ensure transparency in the banking system and strict adherence to the rules.
Experts believe that this decision of RBI to impose penalty on Bandhan Bank sends a big message to the entire banking sector. The central bank is constantly trying to ensure that all banks follow the regulatory standards seriously so that the trust of customers can be strengthened.