RBI penalises Equitas Small Finance Bank, India Post Payments Bank

2 hours ago 1

The Reserve Bank of India (RBI) connected Friday said it has imposed penalties connected Equitas Small Finance Bank and India Post Payments Bank for deficiencies successful regulatory compliances. In a statement, the RBI said it has imposed a punishment of Rs 65 lakh connected Equitas Small Finance Bank for non-compliance with definite directions connected 'Levy of Foreclosure Charges/Pre-payment Penalty connected Floating Rate Term Loans' and 'Credit Flow to Agriculture -- Collateral escaped cultivation loans'.

A punishment of Rs 26.70 lakh has been imposed connected India Post Payments Bank Ltd for non-compliance with definite directions connected 'Customer Service successful Banks', it said successful different statement.

Further, a punishment of Rs 3.10 lakh has besides been imposed connected Aptus Finance India Pvt Ltd for contravention of definite provisions of norms related to non-banking fiscal company.

In each of the 3 cases, the RBI said the penalties are based connected deficiencies successful regulatory compliance and are not intended to pronounce upon the validity of immoderate transaction oregon statement entered into by the entities with their customers.

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