Moneycontrol Be a Pro
Get App
Last Updated : Oct 30, 2019 02:26 PM IST | Source: PTI

RBI imposes penalty of Rs 1 crore on Bandhan Bank

RBI imposed the penalty on account of failure to pare the shareholding of Bandhan Financial Holdings Ltd to 40 percent of its paid-up voting capital, within three years from commencement of the business of the bank.

The Reserve Bank of India (RBI) on October 29 imposed a penalty of Rs 1 crore on Bandhan Bank for not bringing down the promoter shareholding to 40 per cent.

Bandhan MFI had obtained in-principle universal banking license from the central bank in 2014 and started full-fledged operations as a bank from August 2015.

RBI imposed the penalty on account of failure to pare the shareholding of Bandhan Financial Holdings Ltd to 40 percent of its paid-up voting capital, within three years from commencement of the business of the bank, the lender said in a BSE filing. Bandhan came out with an IPO and got listed in March 2018.

Close
The bank had recently merged with Gruh Finance, which brought down the shareholding of the promoter from 82.26 per cent to 60.96 per cent. The lender had earlier said it was making efforts to further reduce the shareholding to 40 per cent.

Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Oct 29, 2019 09:15 pm
Loading...
Sections
Follow us on
Available On