English EditionEnglish Editionहिन्दीગુજરાતીमराठीবাংলাಕನ್ನಡമലയാളംதமிழ்తెలుగు
Subscribe
Sign In
Market Savvy Offer is Live
Business News›Industry›Banking/Finance›Banking›RBI imposes monetary penalty on SBM Bank (India)
The Economic Times daily newspaper is available online now.
Read Today's Paper
SECTIONS
RBI imposes monetary penalty on SBM Bank (India)
PTI
Synopsis
The Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 88.70 lakh on SBM Bank (India) for non-compliance with certain regulatory norms. In a statement, the central banks said the penalty has been imposed for non-compliance with licensing conditions imposed by the RBI, and specific directions to stop undertaking Liberalised Remittance Scheme (LRS) transactions with immediate effect.
The Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 88.70 lakh on SBM Bank (India) for non-compliance with certain regulatory norms. In a statement, the central banks said the penalty has been imposed for non-compliance with licensing conditions imposed by the RBI, and specific directions to stop undertaking Liberalised Remittance Scheme (LRS) transactions with immediate effect.
Two separate notices were issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions/conditions.
After considering the bank's reply to the notices, additional submissions made by it, and oral submissions made during the personal hearing, the RBI said it found, inter alia, that the charges against the SBM Bank (India) were sustained warranting imposition of monetary penalty.
The RBI said the bank was engaged business correspondents for establishing account-based relationship with customers from certain regions, despite its request being not acceded to by RBI.
It also processed certain transactions under Liberalised Remittance Scheme, despite RBI directions to stop such transactions with immediate effect.
Artificial Intelligence(AI)
Java Programming with ChatGPT: Learn using Generative AI
By - Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Basics of Generative AI : Unveiling Tomorrow's Innovations
By - Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Generative AI for Dynamic Java Web Applications with ChatGPT
By - Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Mastering C++ Fundamentals with Generative AI: A Hands-On
By - Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Master in Python Language Quickly Using the ChatGPT Open AI
By - Metla Sudha Sekhar, Developer and Lead Instructor
Office Productivity
Zero to Hero in Microsoft Excel: Complete Excel guide 2024
By - Metla Sudha Sekhar, Developer and Lead Instructor
Astrology
Vastu Shastra Course
By - Sachenkumar Rai, Vastu Shashtri
Data Science
SQL for Data Science along with Data Analytics and Data Visualization
By - Metla Sudha Sekhar, Developer and Lead Instructor
Web Development
A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024
By - Metla Sudha Sekhar, Developer and Lead Instructor
Office Productivity
Mastering Microsoft Office: Word, Excel, PowerPoint, and 365
By - Metla Sudha Sekhar, Developer and Lead Instructor
Marketing
Digital marketing - Wordpress Website Development
By - Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expert
Web Development
Mastering Full Stack Development: From Frontend to Backend Excellence
By - Metla Sudha Sekhar, Developer and Lead Instructor
Finance
Financial Literacy - TDS, Budget, Income Tax Act, GST, Indirect tax
By - CA Rahul Gupta, CA with 10+ years of domain experience, trainer
Leadership
Business Storytelling Masterclass
By - Ameen Haque, Founder of Storywallahs
Future of Marketing & Branding Masterclass
By - Dr. David Aaker, Professor at Haas School of Business
HR & People Management
Human Potential and the Future of Employment
By - Lynda Gratton, Co-chair of the World Economic Forum Council on Work, Wages and Job Creation, Professor of Management Practice
Strategy
ESG and Business Sustainability Strategy
By - Vipul Arora, Partner, ESG & Climate Solutions at Sattva Consulting Author I Speaker I Thought Leader
Finance
Financial Reporting and Analytics
By - Dr. C.P. Gupta, Professor: Department of Finance and Business Economics, University of Delhi
Marketing
Performance Marketing for eCommerce Brands
By - Zafer Mukeri, Founder- Inara Marketers
The RBI, however, added that penalty was based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transactions or agreement entered into by the bank with its customers.
Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank, the central bank added.
(You can now subscribe to our Economic Times WhatsApp channel)
Read More News on
RBISBM Bankmonetary penaltyIndiacomplianceregulatory normsLRS transactionsbusiness correspondentsdeficiencies
(Catch all the Business News, Breaking News, Budget 2024 Events and Latest News Updates on The Economic Times.)
Subscribe to The Economic Times Prime and read the ET ePaper online.
...moreless
(You can now subscribe to our Economic Times WhatsApp channel)
Read More News on
RBISBM Bankmonetary penaltyIndiacomplianceregulatory normsLRS transactionsbusiness correspondentsdeficiencies
(Catch all the Business News, Breaking News, Budget 2024 Events and Latest News Updates on The Economic Times.)
Subscribe to The Economic Times Prime and read the ET ePaper online.
...moreless
Stories you might be interested in
Subscribe to ourET Investment Opportunities