No one is spared from RBI, 73 crore fine imposed on erring banks
The Reserve Bank of India (RBI) has collected a fine of Rs 73 crore from different banks in the last 30 months. This fine has been collected from him for negligence in reporting banking fraud cases.
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The work of monitoring the working of banks in India Reserve Bank of India (RBI) does. That’s why in the last 30 months, when the banks were negligent in reporting fraud cases, the central bank recovered a fine of Rs 73 crore from them. In fact, in view of the rising NPAs of the banks Reserve Bank of India In the year 2016, some rules were made. Under these rules made by the name of Fraud Classification and Reporting by Commercial Bank and Select FI, in case of any kind of banking fraud, the banks RBI has to inform. Banks were fined for violating certain provisions of these rules.
48 cases, 73 crore fine
According to the news of Indian Express, in the last 30 months from January 2020 till now, the Reserve Bank of India has imposed a fine of Rs 73.06 crore on banks. This includes government banks as well as private sector banks and foreign banks. This penalty has been imposed on banks for violating the rules in 48 cases, although it has not been clarified by the Reserve Bank that they have not followed the provisions related to fraud reporting.
In August this year itself, the Reserve Bank of India had imposed a penalty of Rs 32 lakh on a public sector bank in this regard. In this case too, the central bank had not given the details as to the violation of which provision the penalty was imposed on the bank.
Now demand to make appellate authority
The Reserve Bank of India has been taking such a decision for many quarters, for which many experts are now criticizing it. On the other hand, there is also a demand for creating an Appellate Authority, where appeals can be made against the decisions of the Central Bank, as in the case of SEBI orders. SEBI’s decisions can be appealed to the Securities Appellate Tribunal.
By the way, let us tell you, the government had formed a commission (FSLRC) to improve the laws related to the financial sector. Justice B. N. This commission, headed by Krishna, also recommended setting up an appellate authority for all types of financial regulators. RBI was also involved in this.
English News Headline: RBI Fines 73 Crore From Bank Last 30 Months Cases Related To Banking Fraud
