RBI Imposes Fines on Various Banks

In recent past RBI appears to have been awakened by government . They imposed fines on various banks for some lapses or the other. But such fine again become a burden on taxpayers fund.Because CEO of the bank permits debit to expenditure account to pay fine to RBI. In this way RBI adds fuel to already existing fire in public sector banks.

Fine if any  should  be imposed on erring officials and recovered FROM their salary. Because mistakes located and pointed out by RBI appears to have been committed knowingly and willingly.

On the contrary If a clerk or junior officer commit a mistake even unknowingly and unwillingly he or she is punished by stopping increment or reducing pay or by reverting to junior post and cadre. Why such discrimination? Ehy top officisls who commit serious blunders are left unpunished, rather awarded with promotion and elevation.

Frauds in crores of rupees takes place and senior officers claim ignorance of it. It is totally unbelievable. Without connivance of top officials one junior officer or a clerk cannot dream of committing fraud. Here it may be told that in many cases RBI officials are also beneficiaries in different way.

Even concealment of bad debts for years and decades without valid reason tantamount to fraud and fraud only. They inflate profit by reducing provision and then senior officers are paid incentives based on profit earned.IT proves that erring officers get awarded instead of pealised for their evil act.

RBI slaps ₹1 crore fine each on UBI, Bank of India and Bank of Maharashtra for delay in fraud detection

RBI said on Friday that it has imposed a penalty of ₹1 crore each on the three banks of Union Bank of India (UBI), Bank of India and Bank of Maharashtra

The Reserve Bank has imposed a total penalty of ₹3 crore on three state-run banks of Union Bank of India, Bank of India and Bank of Maharashtra for delay in detection and reporting of fraud in some accounts.

The central bank in three separate releases Friday said it has imposed a penalty of ₹1 crore each on the three banks of Union Bank of India (UBI), Bank of India and Bank of Maharashtra.

RBI slaps Rs 3 crore fine on IDBI Bank in April 2018

RBI imposes Rs59 crore fine on ICICI Bank in March 2018

RBI imposes a penalty of Rs58.9 crore on ICICI Bank for violating rules regarding sale of securities from the HTM portfolio.

For violation of NPA and KYC norms

The Reserve Bank of India imposed a penalty of ₹3 crore on Axis Bank for non-compliance of Income Recognition and Asset Classification (IRAC) norms.

Besides, the central bank also imposed a penalty of ₹2 crore on Indian Overseas Bank for non-compliance with Know Your Customer (KYC) norms. These penalties were imposed on February 27.