BANK NEWS
A penalty imposed on jio payment bank by RBI
New Delhi: The reserve bank of India has imposed the penalty of Rs. 1 crore on Indian payments bank, Jio payment bank for not following the guidelines of RBI.
The jio payment bank has faiLed to follow the RBI directions on timely submission of application in the case of re-appointment of Managing Director and Chief Executive Officer (MD & CEO).
"This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A (1)(c) read with section 46(4)(i) of the Act," RBI said in the statement, adding that the action was based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Under section 35B of the act, Jio Payments Bank was required to submit an application of the reappointment of MD & CEO of the bank four months before the date on which the term of the current position holders was to expire as per RBI guidelines.
Read Also : Vice Admiral Dinesh Kumar Tripathi appointed as next Chief of the Naval Staff
News Must Read
- CIL’s capex up 6.5% to highest Rs.19,840 Crores in FY 2024
- SCOPE presents SCOPE PREMIER LEAGUE
- MCL Ib Valley Washery commenced commercial operation
- HAL bags Rs 65,000 Cr tender by Defence Ministry
- PSBs' growth output superseded Private Lending firms
- Northern Coalfields Limited CMD inspects Amlohri Area
- SCOPE organizes Public Sector Day celebrations
- IOCL Final Dividend Announcement Expected at April 30 Board Meeting
- Steel Cutting Ceremony of Indian Navy held at HSL Vishakapatnam
- DIPAM declines PFC-REC debt resolution proposal for KSK Mahanadi project