MUMBAI, Jan 31: The Reserve Bank of India (RBI) announced today that it has levied penalties on Equitas Small Finance Bank and India Post Payments Bank due to shortcomings in regulatory compliance.
According to a statement from the RBI, a fine of Rs 65 lakh has been imposed on Equitas Small Finance Bank for failing to adhere to specific directives concerning ‘Levy of Foreclosure Charges/Pre-payment Penalty on Floating Rate Term Loans’ and ‘Credit Flow to Agriculture — Collateral Free Agricultural Loans’.
Additionally, India Post Payments Bank Ltd has been fined Rs 26.70 lakh for not complying with certain regulations related to ‘Customer Service in Banks’, as stated in another release.
Moreover, a penalty of Rs 3.10 lakh has also been enforced on Aptus Finance India Pvt Ltd for breaching certain provisions associated with non-banking financial companies.
The RBI clarified that the penalties are based on identified deficiencies in regulatory compliance and are not intended to call into question the legality of any transactions or agreements made by these entities with their customers. (PTI)
