RBI fines banks for violations in non-bank lending
Central bank alleges “deficiencies in regulatory compliance” but gives few details
The Reserve Bank of India has levied 145 million rupees ($1.95 million) in fines on 14 banks for improper transactions with a non-bank financial company.
The RBI’s release, dated July 7, stated that the banks violated regulations on lending and bank finance to non-banks. They had also broken rules regarding the “creation of a central repository of large common exposures… across banks”. The central bank mentioned “contraventions of provisions of Section 19(2) and Section 20(1) of Banking
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