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.
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