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RBI imposes Rs 27.5 lakh penalty on Dhanlaxmi Bank for rule violations

The examination of the Risk Assessment Report and Inspection Report pertaining to the same revealed violation of certain provisions of the Depositor Education and Awareness Fund Scheme, the RBI said.

August 24, 2021 / 09:56 AM IST

The Reserve Bank of India (RBI) on August 23 imposed a monetary penalty of Rs 27.50 lakh on Kerala-based private sector lender Dhanlaxmi Bank for various rule violations.

The Statutory Inspection for Supervisory Evaluation (ISE) of the bank was conducted by RBI with reference to its financial position as of March 31, 2020.

The examination of the Risk Assessment Report and Inspection Report pertaining to the same revealed violation of certain provisions of the Depositor Education and Awareness Fund Scheme, the RBI 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 its customers.

In furtherance to the same, a notice was issued to the bank. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI came to the conclusion that the charge of contravention of aforesaid provisions of the Act read with the scheme was substantiated and warranted imposition of monetary penalty on the bank, the RBI said.
Moneycontrol News
first published: Aug 23, 2021 07:31 pm

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