RBI: RBI took big action on these banks, imposed fine worth lakhs!

For some time now, RBI has been continuously taking action against some banks and also imposes fine on them as soon as possible. Now another similar case has come to light in which the Reserve Bank of India has taken major action and imposed monetary penalty on Bajaj Finance.

According to media reports, a financial penalty of Rs 8.50 lakh has also been imposed on Bajaj Finance Limited Pune. Using its powers, RBI has imposed this penalty on Bajaj Finance Limited for non-compliance with the Monitoring of Frauds in NBFCs under 2016.

Along with this, Reserve Bank of India has imposed a penalty of Rs 64 lakh on RBL Bank Limited. This monetary penalty has been imposed on this private sector bank due to non-compliance of RBI guidelines. Along with this, RBI has also imposed financial penalty on Union Bank of India. 

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