New Delhi: The Reserve Bank of India (RBI) has imposed penalties to the tune of Rs40.39 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 Monday.
As many as 176 of these cases involving fines of Rs14.04 crore pertained to cooperative banks.
Private sector banks were fined Rs12.17 crore while public sector banks (PSBs) were levied penalties of Rs3.65 crore, foreign banks Rs4.65 crore and NBFCs ended paying up Rs4.39 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.
IANS