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In a significant move, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="100" keywordseo="rbi" source="keywords">RBI</keyword>) has imposed penalties on <keyword id="19952948" type="General" weightage="20" keywordseo="axis-bank" source="keywords">Axis Bank</keyword> and <keyword id="19895995" type="General" weightage="20" keywordseo="hdfc-bank" source="keywords">HDFC Bank</keyword> for lapses in regulatory and statutory compliance. The fines, which amount to a total of ₹2.91 crore, highlight the central bank's ongoing efforts to ensure that financial institutions adhere to prescribed guidelines. The RBI levied a penalty of ₹1.91 crore on Axis Bank for violations that included contraventions of the <keyword id="19976511" type="General" weightage="20" keywordseo="banking-regulation-act" source="keywords">Banking Regulation Act</keyword> and non-compliance with specific RBI directions related to interest rates on deposits, Know Your Customer (KYC) norms, and collateral-free loans for agriculture. Meanwhile, HDFC Bank faced a ₹1 crore fine for failing to comply with directions concerning interest rates, customer service practices, and the use of recovery agents. <h2>Axis Bank: Key regulatory failures</h2>Axis Bank’s penalty stems from a supervisory evaluation conducted by the RBI based on its financial position as of March 31, 2023. Upon reviewing the bank’s activities, the RBI found several areas of non-compliance. One of the primary issues was the opening of savings deposit accounts in the names of ineligible entities, a direct violation of regulatory norms. Additionally, Axis Bank was found to have issued multiple customer identification codes to certain clients instead of assigning a Unique Customer Identification Code (UCIC), which is mandatory to avoid duplication and ensure proper monitoring of accounts. The bank also violated guidelines concerning agricultural loans. RBI regulations prohibit banks from asking for collateral for agricultural loans up to ₹1.60 lakh, but Axis Bank had obtained such collateral in certain cases. Lastly, a wholly-owned subsidiary of Axis Bank was found to be engaged in providing technology services—an activity that is not permissible for a banking company. This contravention added to the overall penalty levied by the central bank. <h2>HDFC Bank: Regulatory shortcomings</h2> In the case of HDFC Bank, the RBI’s investigation was based on its financial position as of March 31, 2022. The central bank uncovered several violations, including the offering of gifts, specifically covering the first-year premium for complimentary life insurance, which exceeded the permissible limit of ₹250. Moreover, HDFC Bank was found to have opened savings accounts in the names of ineligible entities, a violation similar to that of Axis Bank. Another significant failure was the bank’s inability to ensure that customers were not contacted by bank officials outside the permitted time frame of 7 am to 7 pm. <h2>RBI's Stance on Compliance</h2> While the RBI has been stringent in penalising both banks, it clarified that these penalties are based on lapses in regulatory compliance and are not reflective of the validity of any transactions or agreements between the banks and their customers. The central bank’s message is clear—financial institutions must adhere strictly to guidelines to maintain transparency, protect customers, and uphold the integrity of the banking system. The penalties serve as a reminder to all banks to stay vigilant and maintain high standards of compliance to avoid such financial and reputational damage in the future. Both Axis Bank and HDFC Bank have accepted the fines and are expected to take corrective actions to avoid future infractions. For customers, this action from the RBI is a reassurance that regulatory oversight remains a priority to ensure fair banking practices across the country.

RBI slaps fine of Rs 2.91 crore on Axis Bank and HDFC Bank: All details

Are you an avid credit card user? Are you up to speed with all the changes that have come into effect starting today, which is all set to impact your credit card usage, and your pocket. Here's a quick snapshot of all the changes that you should be well aware of: <h2><keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> </h2>Starting today, ICICI bank has done away with fees for many services, which include request for a charge slip, which was earlier chargeable at Rs 100/slip and cash and cheque pick up, which also carried a fee of Rs 100 earlier. Earlier, for outstation cheque processing and duplicate bank statement (for three months), a fee of Rs 100 was payable. Now, all those charges have been waived. However, going ahead, you'll have to dish out Rs 200 instead of Rs 100, if you wish to get your credit card replaced. <h2><keyword id="19952948" type="General" weightage="20" keywordseo="Axis-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Axis Bank" meta.hostid="261" meta.entityid="Axis Bank">Axis Bank</keyword></h2>If you hold a <keyword id="19941660" type="General" weightage="20" keywordseo="Citibank" source="keywords" meta.keywordsubtype="org" meta.entityname="Citibank" meta.hostid="261" meta.entityid="Citibank">Citibank</keyword> credit card, this is for you. The migration of all Citibank <keyword id="19953671" type="General" weightage="100" keywordseo="credit-cards" source="keywords">credit cards</keyword> to Axis bank will be complete by 15th July, 2024. Post that, you will receive new credit cards from Axis bank .However, until then, your existing Citibank cards will continue to work just fine. All your unredeemed points will be converted into EDGE miles. After migration, they will have an expiration period of 3 years. Starting today, RBIs new rules mandate that all credit card transactions in the country be processed through <keyword id="20779381" type="General" weightage="20" keywordseo="Bharat-Bill-Payment-System" source="keywords">Bharat Bill Payment System</keyword> (BBPS). This means that if your bank has not come on board with BBPS, you will not be able to make payment through their credit card on other third-party platforms. Out of 34 banks that can issue credit cards, 12 banks have come onboard the BBPS. These include SBI, <keyword id="19938728" type="General" weightage="20" keywordseo="kotak-mahindra" source="keywords">Kotak Mahindra</keyword>, IndusInd, Federal, HDFC, ICICI and IDFC bank. Indian Overseas bank and <keyword id="45660" type="General" weightage="20" keywordseo="yes-bank" source="Orion">YES Bank</keyword> are expected to go live soon. <h2>SBI Bank</h2>Starting July 15th, if you hold one of the 22 specified SBI credit cards, you will no longer accrue any reward points while making certain transactions, particularly if they are related to government services. These include Air India SBI Platinum Card, Air India SBI Signature Card, Central SBI Select+ Card, Chennai Metro SBI Card, Etihad Guest SBI Card, Fabindia SBI Card SELECT, IRCTC SBI Card, Mumbai Metro SBI Card and more. <h2>YES Bank </h2>If you hold a YES Bank credit card, the criteria for you to qualify for complimentary lounge access has changed. Starting today, you will have to spend at least Rs 35,000 from your credit card in the previous quarter, in order to be able to get a complimentary access to domestic airport lounges in the next quarter. Earlier, this threshold was set at Rs 10,000. This will impact YES Marquee, YES SELECT, YES Reserv, YES First Preferred, YES Bank ELITE, YES BYOC, and YES Wellness Plus cards. <h2>HDFC Bank</h2>Starting August 1st, if you make rent, or education related payments via platforms like Cred and Paytm, you will have to pay a fee of upto 1% of the transaction, which will be a maximum of Rs 3,000. However, if you make the payment directly through your school or college's website, you will be able to save on this charge. Similarly, on all fuel expenses of over Rs 15,000, a 1% fee will be applied, which can be a maximum of Rs 3,000.

What has changed for your credit cards, starting today?

The <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) has imposed a monetary penalty of Rs 26 lakh on <keyword id="16226693" type="General" weightage="20" keywordseo="Nutan-Nagarik-Sahakari-Bank" source="Orion">Nutan Nagarik Sahakari Bank</keyword>, Ahmedabad for non-compliance with certain directions of the central bank. This penalty has been imposed in exercise of the powers vested in RBI conferred under the Banking Regulation Act, 1949, the central bank said. This action of the central bank is based on a deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. The statutory inspection of the bank conducted by RBI with reference to its financial position as on March 31, 2020, and examination of the risk assessment report and all related correspondence pertaining to the same revealed that the bank failed to pay interest at the rate applicable to saving deposits on certain overdue recurring and fixed deposit accounts at the time of their repayment and had issued ATM-cum-debit cards to certain cash credit account holders, according to a statement released on Monday evening. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why the penalty should not be imposed for non-compliance with the RBI directions. After considering the bank's reply to the notice, additional submissions made by the bank and the oral submissionsmade during the personal hearing, the central bank said it came to the conclusion that the charge of non-compliance with the aforesaid RBI directions were substantiated and warranted imposition of monetary penalty, to the extent of non-compliance with such directions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/axis-bank-q3-net-profit-grows-62-yoy-to-5853-crore-beats-expectations-even-as-provisions-and-slippages-rise/articleshow/97254942.cms">Axis Bank Q3 net profit grows 62% YoY to ₹5,853 crore, beats expectations even as provisions and slippages rise</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/amazon-launches-dedicated-air-cargo-service-for-faster-deliveries-in-india/articleshow/97246478.cms">Amazon launches dedicated air cargo service for faster deliveries in India</a>

RBI slaps ₹26 lakh penalty on Nutan Nagarik Sahakari Bank

<ul><li>High vegetable inflation, driven by hardening onion prices, has kept food inflation at 8.66% in February.</li><li>With low reservoir levels in many states, food inflation in FY25 is expected to be driven by monsoons, say experts.</li><li>The RBI is focused on bringing inflation below 4% and might continue the status quo for a longer time now, believe experts. </li></ul>In February, retail inflation came in on expected lines at 5.09%. However, high vegetable inflation, driven by hardening onion prices has kept food inflation up at 8.66%. Experts now believe that the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) which has been focussed on bringing inflation to 4%, will maintain the status quo in the upcoming credit policy. “We expect inflation to average 4.8% in FY25. Given that the RBI Governor has been highlighting the aim of getting inflation to 4% on a durable basis, the policy rates are likely to be kept on hold in the upcoming policy meeting, with no change in stance,” said <keyword id="20938330" type="General" weightage="20" keywordseo="rajni-sinha" source="keywords">Rajni Sinha</keyword>, chief economist, CareEdge Ratings. Regulator to continue cautious stance Despite expectations from the market, the RBI has maintained its ‘withdrawal of accommodation’ stance in the last policy meeting in February. This policy, aiming to curtail inflation further, entails a reduction of easy money supply in the system, which started during the initial COVID-19 phase. RBI governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> had also earlier spoken about the risk of food inflation spilling into broader inflation. “We retain our view that RBI will remain cautious on volatile food inflation trajectory and hence prefer to remain in pause mode on rates till August policy. However, with RBI already having continuously fine-tuning liquidity and easing overnight rates closer to the repo rate, we see room for a shift in stance in the June policy,” said <keyword id="20169699" type="General" weightage="20" keywordseo="upasna-bhardwaj" source="keywords">Upasna Bhardwaj</keyword>, chief economist at <keyword id="19938495" type="General" weightage="20" keywordseo="kotak-mahindra-bank" source="keywords">Kotak Mahindra Bank</keyword>. Agrees Akhil Mittal, Senior Fund Manager-Fixed Income, <keyword id="20929846" type="General" weightage="20" keywordseo="tata-asset-management" source="keywords">Tata Asset Management</keyword>, “We anticipate the regulator to maintain a cautious stance. We think RBI would rather continue with stability priority and continue maintaining the 4% inflation target as sacrosanct, and hence we do not see a premature easing from RBI.” Vegetable inflation zooms, pulses in a tough zone Vegetable inflation came in high at 30.3% in February, and experts believe that pricey onions will keep food inflation elevated. Inflation in pulses, spices and eggs also saw double-digit inflation. Edible oils and fats have brought down inflation to an extent with negative growth. The food basket has nearly 50% weightage in the consumer price inflation (CPI) data. “Inflation is purely a food inflation-driven phenomenon which will continue to pressurise inflation in the coming months. Besides, horticulture output this year is expected to be lower than last year. Cereals, eggs, sugar, spices and pulses are the other pain points here,” comments <keyword id="20102121" type="General" weightage="20" keywordseo="madan-sabnavis" source="keywords">Madan Sabnavis</keyword>, chief economist at Bank of Baroda. The outlook for food prices is also bleak with lower reservoir levels and their impact on agricultural output. “The ongoing high inflation in specific food categories, including cereals, pulses, spices, and vegetables pose a risk of potentially broadening price pressures and de-anchoring inflationary expectations. Reservoir levels, particularly in eastern and southern India, persist at lower levels. Consequently, the forthcoming monsoon in FY25 holds significant importance for the trajectory of food inflation,” said Sinha. Core inflation has however remained soft, staying below the 4% threshold for three consecutive months. Rural inflation came in higher at 5.3%, while urban inflation is at 4.8% — mostly due to higher weightage of food products in the former index. Twelve of India’s 22 states saw inflation of above 5.1%. Odisha had the highest at 7.6%, while Delhi saw the lowest at 5.3%.

RBI likely to maintain status quo after food inflation keeps Feb print high, say experts

The <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) has imposed <keyword id="512003" type="General" weightage="20" keywordseo="penalties" source="Orion">penalties</keyword> to the tune of Rs 40.39 crore on banks, non-banking financial companies (NBFCs) and other entities for breach of norms during 2022-23, Minister of State for Finance Bhagwat Karad said in a written reply to the Lok Sabha on Monday. As many as 176 of these cases involving fines of Rs 14.04 crore pertained to <keyword id="6554737" type="General" weightage="20" keywordseo="cooperative-banks" source="Orion">cooperative banks</keyword>. <keyword id="141219" type="General" weightage="20" keywordseo="private-sector-banks" source="Orion">Private sector banks</keyword> were fined Rs 12.17 crore while public sector banks (PSBs) were levied penalties of Rs 3.65 crore, foreign banks Rs 4.65 crore, and NBFCs ended paying up Rs 4.39 crore. "RBI has informed that it is mandated to take enforcement action as per Enforcement Policy and Framework approved by the Board for Financial Supervision of RBI, in the form of imposition of monetary penalty on regulated entities for contraventions of different statutes and directions," the Minister stated. The RBI issued guidelines on fair practices code to be adopted by banks, NBFCs, and HFCs and these covered various aspects of lending, he added.

RBI penalties on banks, NBFCs add up to Rs 40.39 crore for 2022-23

Mumbai, RBI Governor <keyword id="6359111" type="General" weightage="20" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Monday said the central bank is "not comfortable" with the gross non-performing assets ratio of 8.7 per cent in urban cooperative banks (UCBs) and asked them to work towards improving the same. Addressing directors of UCBs in the financial capital at an RBI-organised conference, Das urged that such lenders should improve the governance standards, avoid related-party transactions and focus on credit risks, among others. It can be noted that the UCB sector has been fraught with multiple challenges and also witnessed difficult times in the recent past, like the implosion of the city-headquartered Punjab and Maharashtra Bank. Das reminded the directors of the UCBs that banks run on depositors and added that protection of the hard-earned money pooled in from the middle class, poor and retirees is far more sacred than going to a temple or a gurdwara. While the overall picture at an aggregate level looks nice, the situation on GNPAs and capital adequacy is "not at all satisfactory", Das said. He said the overall GNPAs have improved to 8.7 per cent, which is "not a good number. It is not a comfortable number even at an aggregate level". Scheduled commercial banks' GNPAs stood at a decadal best level of 3.9 per cent in March 2023 and are widely estimated to improve further. To manage the scourge of <keyword id="127693" type="General" weightage="20" keywordseo="npas" source="Orion">NPAs</keyword> better, Das suggested that there should be a focus on credit risk management with better underwriting. He said the RBI has come across instances of conflicts of interest or related party transactions, which need to be avoided. Similarly, there have been instances of many of the top defaulters being individuals or businesses having the ability to pay, Das said. The top 20 defaulters account for over 60 per cent of the loan overdue, and focusing on this segment can help improve the overall NPAs, he added. On the capital adequacy front, he noted that there has been an improvement in the ratios to 16.6 per cent at the end of FY23 from 15.5 per cent a year ago. Making it clear that he wants to share the RBI's concerns with the lenders, Das exhorted the UCBs to focus on the quality of governance by paying attention to compliance, risk management and internal audit. He said the RBI has come across instances where there is only "paper compliance" and no compliance is observed when an on-field inspection takes place, Das said, adding that the internal audit function also requires focus. The governor asked bank management to present a risk analysis report to the board on a quarterly basis, rather than making it into an annual effort. It is also necessary for the directors - who are elected and not appointed based on their skill sets, unlike the SCBs - to understand the financial sector, credit risk, banking, information technology and risk management, Das said. The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> has prescribed a board of management to help the elected board members with professional help in running a bank, and the same should not be seen as an impediment, he added. Stressing that the board discussions should be free and fair, Das said it is important to have any dominance of one or two persons in the decision-making. "There should be free, frank and democratic discussions. Board members should be encouraged to ask whatever questions they have on their mind," he said. Das also expressed the RBI's discomfort with board committees like those handling important functions, such as audit and risk not meeting regularly, stating that it has come across instances where such meetings are not held for months or even multiple years. He also asked UCBs to monitor asset-liability mismatches, follow transparent accounting practices and recruit people based on requirements and ability to spend. On the technology front, he said the RBI has found that the quality of the core banking solution is not at all satisfactory in some banks, and the treasury operations are not getting reflected in the CBS. Going ahead, the UCB segment will be facing competition from tech-savvy entities like digital lenders, fintechs, non-bank lenders and micro-lenders, and hence, need to focus more on technology, Das said. The governor said the UCB sector - built to serve as the neighbourhood bank - is "doing well" from an overall perspective, and also made it clear that the RBI is fine with some of the entities in the sector growing big.

Not comfortable with NPAs in urban co-op banks says RBI, asks lenders to focus on governance

Mumbai, Jan 5 () The <keyword id="50847" type="COMPANY" weightage="20" keywordseo="Reserve-Bank">Reserve Bank</keyword> on Tuesday said it has imposed a penalty of Rs 2.5 crore on <keyword id="111876" type="COMPANY" weightage="20" keywordseo="Bajaj-Finance">Bajaj Finance</keyword> Limited, Pune for violation of various directions, including on recovery and collection practices. There was also violation of a specific direction to the company to ensure full compliance with Fair Practices Code (FPC) in "letter and spirit", the central bank said in a release. "This penalty has been imposed...taking into account the failure of the company to ensure that its recovery agents did not resort to harassment or intimidation of customers as part of its debt collection efforts and thereby failing to adhere to the aforesaid directions issued by <keyword id="30067" type="COMPANY" weightage="20" keywordseo="RBI">RBI</keyword>," it said. There were also persistent/repeat complaints about recovery and collection methods adopted by the company, RBI added. It further said a show cause notice was issued to the company as to why penalty should not be imposed for such non-compliance. After considering the company's reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI concluded that the charge of non-compliance with the directions was substantiated and warranted imposition of monetary penalty, the release said. The RBI, however, added the action against Bajaj Finance is based on deficiencies in regulatory compliance and "is not intended" to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. NKD ABM ABM

RBI imposes Rs 2.5 crore penalty on Bajaj Finance, Pune

<ul><li>The <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>’s Monetary Policy Committee (<keyword id="6369693" type="General" weightage="100" keywordseo="mpc" source="Orion">MPC</keyword>) left rates unchanged in a surprise move earlier this month.</li><li>Cooler inflation has boosted expectations of a ‘decisive’ rate pause for a prolonged period.</li><li>That said, economists have flagged El Niño and a resurgent crude as key risks that need to be monitored going forward.</li></ul>The Reserve Bank of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>’s Monetary Policy Committee (MPC) sprung a surprise by<a href="https://www.businessinsider.in/finance/news/rbis-monetary-policy-committee-keeps-repo-rate-unchanged-at-6-5/articleshow/99284354.cms"> pausing rate</a> hikes when it met earlier this month, noting that it will wait to gauge the effects of the hikes done so far since May last year. Now with inflation<a href="https://www.businessinsider.in/business/news/retail-inflation-falls-to-a-15-month-low-of-5-66-in-march/articleshow/99440006.cms"> falling</a> to a 15-month low in March, there is a growing consensus that we may have entered the prolonged rate-pause territory. While making the rate-pause announcement, RBI governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> said the MPC expected softer inflation going forward thanks to lower commodity prices. He stressed that the battle against inflation was not over yet and the possibility of further rate hikes cannot be ruled out. This was before the retail inflation numbers measured by the consumer price index (CPI) came in – at 5.66%. For March, it was below the RBI’s upper tolerance limit of 6%. The cooling inflation builds a strong case against future rate hikes, say economists. “RBI may have just hit the pause button as inflation trajectory looks below 6% for the rest of FY24 while deftly managing liquidity in the system,” said economists at <keyword id="2017241" type="General" weightage="50" keywordseo="sbi-research" source="Orion">SBI Research</keyword>. <a href="https://www.businessinsider.in/finance/news/rbi-revises-indias-fy24-growth-outlook-expects-softer-inflation-on-the-back-of-lower-commodity-prices/articleshow/99290005.cms">RBI fine-tuned</a> its inflation and growth projections for FY24 – while inflation expectation has been trimmed from 5.3% earlier to 5.2%, gross domestic product (GDP) expectations have been revised upwards from 6.4% to 6.5%, which suggests that the central bank is now on a surer footing about the Indian economy. The International Monetary Fund has also highlighted that three out of four countries in the world will experience disinflation in 2023. As far as monetary policy is concerned, the SBI report adds that 90 out of 147 countries have kept their rates unchanged, while 48 countries cut rates in the current cycle. Only 9 countries hiked rates, it added, suggesting that the MPC did not actually break away from most of the world’s economies. “We estimate the FY24E average CPI inflation at 5.4% and maintain our view of a prolonged pause by the MPC in FY24,” said a report by Goldman Sachs. <cmsannotation type="cmsannotation" annotationid="El Niño and boiling crude oil could spoil the party" comment="subhead" text="El Niño and boiling crude oil could spoil the party">El Niño and boiling crude oil could spoil the party</cmsannotation> The threat of El Niño, however, looms. El Niño is a weather phenomenon that occurs every few years and can lead to droughts or below-average rainfall in India. A weak monsoon could hurt growth across various sectors of the Indian economy and force the MPC’s hand if inflation spikes again. If El Niño materialises, it could adversely impact farm output. Earlier, the Finance Ministry had also flagged its concerns amidst an Indian Meteorological Department (IMD) prediction of above-normal temperatures in India this year. “An El Niño this year will negatively impact kharif sowing and next year’s rabi sowing due to lower availability of water,” said JM Financial. If farm output is affected, it could lead to higher prices and push inflation back up. For instance, unseasonal rains have already led to tight supply conditions, leading to a 22% increase in the prices of pigeon peas in Q4. However, earlier this week, the IMD projected a ‘normal’ monsoon with rainfall at 96% of the long-period average. A resurgent crude oil is another risk factor – in the last one month, Brent crude oil prices have risen by over 10% amid cooling inflation in the US. If the crude prices ride higher, it could keep prices elevated in India, forcing the MPC to rethink its rate-pause strategy. SEE ALSO: <a href="https://www.businessinsider.in/entertainment/news/what-can-1-get-you-30-minutes-of-trailers-at-pvr-inox/articleshow/99487702.cms">What can ₹1 get you? 30 minutes of trailers at PVR Inox</a> <a href="https://www.businessinsider.in/business/corporates/news/client-meetings-start-and-stop-with-chatgpt-says-indias-largest-it-company/articleshow/99468194.cms">Client meetings 'start and stop with ChatGPT' says India's largest IT company</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-sees-4-7-revenue-growth-in-fy24-after-it-misses-its-own-fy23-revenue-guidance/articleshow/99467637.cms">Infosys sees 4-7% revenue growth in FY24 after it misses its FY23 guidance</a>

RBI's MPC 'decisively' in a rate-pause mode as inflation cools down

The <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Thursday sentenced former Ranbaxy promoters Malvinder Singh and Shivinder Singh to 6 months imprisonment in a case connected with the sale of shares of <keyword id="89365" type="General" weightage="100" keywordseo="fortis" source="Orion">Fortis</keyword> to Malaysia-based IHH Healthcare. A bench, headed by Chief Justice U.U. Lalit, declined to lift its stay on the open offer by IHH Healthcare Berhad for a 26 percent stake in <keyword id="46994" type="General" weightage="80" keywordseo="fortis-healthcare" source="Orion">Fortis Healthcare</keyword>. It asked the Delhi High Court to issue remand in the case and also ordered a forensic audit of the Fortis-IIH deal. "Everything goes back to the executing court," it said. The former promoters of Fortis Healthcare Ltd were embroiled in a court battle after <keyword id="85190" type="General" weightage="80" keywordseo="daiichi-sankyo" source="Orion">Daiichi Sankyo</keyword>, a Japanese firm, had challenged the Fortis-IHH share deal to recover the Rs 3,600 crore arbitration award that it had won before a Singapore tribunal against the Singh brothers. Due to a legal fight between Daiichi Sankyo and the former promoters of Fortis Healthcare, the IHH-Fortis deal is stuck. The top court also slapped the Singh brothers with a fine in the contempt case filed against them by the Japanese firm. Daiichi Sankyo moved the court to enforce the arbitral award passed by a Singapore tribunal in 2016. The Delhi High Court, in January 2018, ruled that the arbitration award won by Daiichi Sankyo against the Singh brothers for concealing information about the erstwhile Ranbaxy Laboratories, was enforceable in India. In 2018, IHH Healthcare had acquired a 31 percent controlling stake in Fortis, which triggered a mandatory open offer to acquire another 26 percent of Fortis shares from the market. However, the open offer could not move forward due to ongoing legal proceedings with respect to the transaction based on a plea filed by Daiichi Sankyo. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rbi-cancels-licence-of-laxmi-co-operative-bank-solapur/articleshow/94387667.cms">RBI cancels licence of Laxmi Co-operative Bank, Solapur</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/four-billionaires-debut-on-rich-list-after-ipos/articleshow/94384190.cms">Four billionaires debut on rich list after IPOs</a>

SC sends former promoters of Fortis Healthcare to six months jail

<ul><li>The bank's shares were among the list of top losers on the Nifty on Monday, when the markets at large were buoyant.</li><li>The <keyword id="118864" type="PERSON" weightage="20" keywordseo="Market-capitalisation">market capitalisation</keyword> for the stock has falled over ₹3,400 crore since Thursday's close.</li><li>On Friday, the RBI fined the bank because its billionaire promoter Uday Kotak won't give up stake as per regulations.</li></ul> Kotak Mahindra Bank's shares were among the list of top losers on the Nifty on Monday, when the markets at large were buoyant. The market capitalisation for the stock has falled over ₹3,400 crore (nearly $0.5 billion) since Thursday's close. On Friday (May 7), the Reserve Bank of India (RBI) fined the company ₹2 crore because its billionaire promoter Uday Kotak won't give up stake as per regulations. A private bank's promoter holding has to be brought down to 40% within three years of operations, 20% within 10 years and 15% within 15 years ,according to RBI's banking licensing norms. Kotak Mahindra Bank got the licence from RBI in February 2003, and as per data from the National Stock Exchange on Monday (May 10), the promoter shareholding was nearly as high as 30%. The bank was directed to convey its commitment to reduce promoter shareholding as per the timelines stipulated, which the bank failed to comply with and a show cause notice was issued to the bank. "After considering the reply received from the bank, submissions made by the bank during personal hearing and the documents submitted by it, RBI came to the conclusion that the bank had failed to comply with the directions issued by RBI and decided to impose monetary penalty on the bank," the RBI said. In a stock exchange filing on Friday, Kotak Mahindra Bank said it is examining the order. The apex bank, however, noted that the action is based on the "deficiencies in regulatory compliance" and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank. SEE ALSO: <a href="https://www.businessinsider.in/the-top-10-richest-person-in-india/articleshow/68352802.cms" data-type="tilCustomLink" target="_blank">Meet the top 10 richest people in India</a>

Kotak Mahindra Bank has lost nearly half a billion dollars in market cap after the billionaire promoter was fined by the RBI

New Delhi, May 14 () Public sector lender UCO Bank on Thursday said the Reserve Bank has imposed a penalty of Rs 5 lakh for violating norms on government bond holding.The Reserve Bank of India has imposed a penalty of Rs 5 lakh on UCO Bank for bouncing of SGL forms, the bank said in a regulatory filing.A subsidiary general ledger (SGL) account is maintained with the RBI for holding government securities and treasury bills in paperless form. The account is used for facilitating delivery and payment trades.UCO Bank shares were trading 1.26 per cent down at Rs 11.78 apiece on the BSE. KPM BALBAL

RBI slaps Rs 5 lakh fine on UCO Bank for violating govt bond holding norms

Mumbai, Dec 5 () The Reserve Bank on Thursday imposed a fine of Rs 25 lakh on Andhra Bank for non-compliance with certain provisions of directions issued on KYC and anti-money laundering.
 RBI has, by an order dated December 05, 2019, imposed a monetary penalty of Rs 25 lakh on Andhra Bank for non-compliance with certain provisions of directions issued by RBI on Know Your Customer (KYC) norms/Anti Money Laundering (AML) standards and opening of current accounts, the central bank said in a release.
 The penalty has been imposed in exercise of powers vested in RBI under the provisions of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI, it said.
 "This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with their customers," RBI said.
 Based on a complaint, an examination of current accounts opened by two entities in Andhra Bank was carried out and it was observed that the bank had failed to comply with certain provisions of RBI directions.
 Upon findings, a notice was issued to the bank to show cause as to why penalty should not be imposed for non-compliance with the directions, RBI said.
 "After considering the reply received from the bank and submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were sustained and warranted imposition of monetary penalty," it further said. KPM RVK

RBI imposes Rs 25 lakh fine on Andhra Bank for violating KYC, AML norms

New Delhi, Nov 19 () Bank of Baroda on Tuesday said the RBI has imposed Rs 2.50 crore fine for non-compliance of directions issued to it with regard to Bihar-based NGO Srijan Mahila Vikas Sahyog Samiti Ltd.
"The Reserve Bank of India in exercise of powers conferred under the Banking Regulation Act, 1949, has imposed a penalty aggregating to Rs 2.50 crore on the bank for non-compliance with the directions issued by the RBI in various accounts of Srijan Mahila Vikas Sahyog Samiti Ltd at Bhagalpur Branch," Bank of Baroda said in a regulatory filing.
The Central Bureau of Investigation (CBI) is probing the matter in the Rs 1,000 crore scam allegedly involving Bihar-based NGO Srijan Mahila Vikas Sahyog Samiti and government officers.
Unidentified officers of Bank of Baroda, Indian Bank and the 'Samiti' have been named as accused in the FIRs registered for alleged criminal conspiracy, cheating, forgery among others.
Besides, FIRs have also been registered in Patna and Delhi.
It is alleged that there was illegal transfer and misuse of funds from government accounts in Bhagalpur district to accounts of the Samiti through a conspiracy hatched between government officials and office bearers of the NGO.
It is alleged that the NGO, which was working towards imparting training to women, had pilfered government funds in connivance with the bank officials and state government officials between 2003 and 2014.
As per initial probe by local police, the Samiti allegedly procured cheque books from banks and forged signature of the district magistrate to transfer government funds to its account. KPM BAL

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