Close Menu
    Facebook X (Twitter) Instagram
    • About Us
    • Contact Us
    • Disclaimer
    • Privacy Policy
    Facebook X (Twitter) Instagram
    FlickonclickFlickonclick
    • Home
    • Entertainment
      • Biography Corner
      • Photos
    • Lifestyle
    • News
      • Finance
      • Fitness
      • Technology
    • Cricket
    • Advertise with Us
    FlickonclickFlickonclick
    Home » Finance » RBI Imposes Rs 59 Lakh Penalty on This Bank, Days After Slapping Rs 1 Crore Fine on India’s Largest Bank for…
    Finance

    RBI Imposes Rs 59 Lakh Penalty on This Bank, Days After Slapping Rs 1 Crore Fine on India’s Largest Bank for…

    By Virat VermaNovember 11, 2024
    Facebook Twitter WhatsApp Email Reddit
    RBI Imposes Rs 59 Lakh Penalty on This Bank, Days After Slapping Rs 1 Crore Fine on India's Largest Bank for...

    The Reserve Bank of India (RBI) has imposed a penalty of Rs 59.20 lakh on South Indian Bank for failing to comply with certain directives regarding ‘interest rate on deposits’ and ‘customer service in banks.’ The penalty was imposed on November 8, following an inspection of the bank’s financial position as of March 31, 2023.

    This action by the RBI comes just two months after it fined HDFC Bank, India’s largest bank, Rs 1 crore in September for non-compliance with similar directives related to ‘interest rates on deposits,’ ‘recovery agents engaged by banks,’ and ‘customer service in banks.’

    South Indian Bank, a prominent private-sector bank headquartered in Thrissur, Kerala, has a market capitalization of Rs 6,287 crore as of November 8. The RBI’s penalty followed its supervisory evaluation, which revealed non-compliance with certain regulations.

    Also Read- RBI Quietly Brings Home 102 Tonnes of Gold This Dhanteras – Here’s the Reason Behind It

    The RBI found that South Indian Bank imposed penal charges for non-maintenance of minimum balances without properly notifying customers via SMS, email, or letter. Additionally, the bank had placed liens on certain NRE savings deposit accounts.

    The RBI clarified that the penalty is a result of regulatory non-compliance and does not address the validity of any transactions or agreements made by the bank with its customers. The central bank also mentioned that this penalty does not preclude any further actions that may be taken against the bank.

    RBI
    Previous ArticleGood News for Travellers! Airport Food to Become Cheaper Soon
    Next Article 7 Side-effects of Night Shift You Should Not Ignore

    Related Posts

    12% GST Tax Slab May Be Removed – From Food Items to Air Travel, Know What Will Get Cheaper and What Will Become Costlier

    June 12, 2025 Finance

    Best Stocks to Buy This Month: Updated June 2025

    May 29, 2025 Finance

    What is the Difference Between RuPay and VISA Cards? Which One is a Better Option?

    May 22, 2025 Finance

    CIBIL Score is Good, Yet Loan Got Rejected? Banks Look Beyond Score at These 5 Factors

    May 6, 2025 Finance

    If a Credit Card User Dies After Heavy Spending, Who Pays the Outstanding Dues? Half of India Doesn’t Know This Rule

    April 30, 2025 Finance

    If a War Breaks Out Between India and Pakistan, What Will Happen to the Stock Market? Here’s What Happened During the Kargil War

    April 28, 2025 Finance

    India’s Census Set to Begin — Here Are the Questions People Will Be Asked

    June 12, 2025

    12% GST Tax Slab May Be Removed – From Food Items to Air Travel, Know What Will Get Cheaper and What Will Become Costlier

    June 12, 2025

    Tatkaal Passport in 3 Days Without Police Verification: Know How to Apply and the Charges Involved

    June 12, 2025

    Housefull 5 Box Office Collection Day 6: Akshay Starrer Continues to Earn Crores

    June 12, 2025
    About Flickonclick

    Flickonclick brings you the latest updates across entertainment, lifestyle, tech, and more. Stay informed with trending news and stories that matter.

    Facebook X (Twitter) Instagram
    Recently Updated

    Air India’s Plane to London Crashes in Ahmedabad With 242 People On-board

    By Virat VermaUpdated:June 12, 2025June 12, 2025

    India’s Census Set to Begin — Here Are the Questions People Will Be Asked

    June 12, 2025

    12% GST Tax Slab May Be Removed – From Food Items to Air Travel, Know What Will Get Cheaper and What Will Become Costlier

    June 12, 2025

    Tatkaal Passport in 3 Days Without Police Verification: Know How to Apply and the Charges Involved

    June 12, 2025
    Important Links
    • Privacy Policy
    • Advertise with Us
    • Disclaimer
    • About Us
    • Contact Us
    • Write for Us
    • Home
    © 2025 Flickonclick

    Type above and press Enter to search. Press Esc to cancel.