IndusInd Bank slapped with RBI fines for violating regulatory norms.

The Reserve Bank of India (RBI) has imposed a penalty of 27.30 lakh on IndusInd Bank for failing to comply with certain regulatory norms. The penalty is related to the bank’s violation of provisions under the Reserve Bank of India (Interest Rate on Deposits) Directions, 2016, specifically regarding the opening of savings accounts for ineligible entities. The RBI’s action is based on findings from its Statutory Inspection for Supervisory Evaluation (ISE 2023) conducted as of March 31, 2023. Though IndusInd Bank made additional submissions and had a personal hearing, the RBI sustained the charge and imposed the penalty. The RBI emphasized that this penalty is without prejudice to any further actions that may be taken against the bank in the future, and is solely related to regulatory non-compliance, not transaction validation.

Source: https://www.cnbctv18.com/market/rbi-fines-indusind-bank-for-non-compliance-with-regulatory-norms-19527569.htm