The central bank has fined Rs 61.4 lakh at Nainital Bank for breaching the directions regarding advancement and customer service interest rates. Private sector banks did not collect criminal claims for non-maintenance of minimum balances in their savings bank accounts, which were extended to the external benchmark rate.
The Ujjivan fine was Rs 67,000,000 as the loan agreement could not be issued to a particular borrower at the time of loan sanctions/expenditures.
Shriram Finance was slapped with a fine of Rs 5.80 lakh for not introducing a system of regular review of account risk classification, among other issues.
These actions are based on a flaw in regulatory compliance and are not intended to declare the validity of transactions or contracts entered into by the client and the bank, the central bank said.
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“In addition, the imposition of monetary penalties is not biased against other lawsuits that could be initiated by the RBI against the bank,” the regulator said.
