![[Toyota Times] Century as a Brand, Lexus as Innovation: All the Details on Toyota's New Project!](https://businessfortnight.com/wp-content/uploads/2025/10/Toyota-Times-Century-as-a-Brand-Lexus-as-Innovation-All-218x150.jpg "[Toyota Times] Century as a Brand, Lexus as Innovation: All the Details on Toyota's New Project!")
|
The Reserve Bank of India (RBI) has, by an order dated September 26, 2022, imposed a financial penalty of ₹28.00 lakh (Rupees Twenty-eight lakh solely) on Rajarambapu Sahakari Bank Ltd. Peth, Sangli (the financial institution) for non-compliance with RBI instructions on ‘Customer Protection – Limiting Liability of Customers of Co-operative Banks in Unauthorised Electronic Banking Transactions’ and on ‘Interest Rate on Deposits’. This penalty has been imposed in train of powers vested in RBI conferred below part 47 A (1) (c) learn with sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949 (BR Act). This motion is predicated on deficiency in regulatory compliance and isn’t meant to pronounce upon the validity of any transaction or settlement entered into by the financial institution with its clients. Background The statutory inspection of the financial institution performed by RBI just about its monetary place as on March 31, 2020, and examination of the Risk Assessment Report and all associated correspondence pertaining to the identical, revealed, inter alia, that the financial institution had (i) not offered a direct hyperlink for its clients to lodge complaints, with particular choice to report unauthorised digital banking transactions, on the house web page of its web site and (ii) not paid relevant curiosity on steadiness quantities mendacity in present accounts of deceased particular person depositors/ sole proprietorship considerations whereas making repayments to the claimants. In furtherance to the identical, a discover was issued to the financial institution advising it to point out trigger as to why penalty shouldn’t be imposed for non-compliance with the RBI instructions, as acknowledged therein. After contemplating the financial institution’s reply to the discover, oral submissions made in the course of the private listening to and on examination of further submissions made by it, RBI got here to the conclusion that the cost of non-compliance with the aforesaid RBI instructions was substantiated and warranted imposition of financial penalty. (Yogesh Dayal) Press Release: 2022-2023/988 |
