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The RBI says that the directions related to the large exposure framework have been fined for non-non-disconnection and the CIC is delayed in submitting credit information.
RBI says the statutory inspection for the supervisory evaluation of Citibank was conducted on 31 March 2023 in the context of its financial position.
The Reserve Bank said on Friday that it has imposed a fine of Rs 39 lakh on Citibank NA, which delays non-compliance with the instructions related to large exposure framework and to submit credit information to the CIC. In a statement, RBI said that legal inspection for the bank’s supervisory evaluation was conducted on 31 March 2023 in terms of its financial position.
A notice was issued to the Citybank NA, based on the supervisory findings of Non-transportation with the RBI directions and related correspondence, to explain the Citibank NA, to show that to show the reason why it should not be imposed on why it should not be fined . ,
After considering the notice of notices and oral submissions during individual hearing, the RBI found that the bank delayed some violations in large exposure boundaries; And it did not upload correction data related to some section, within seven days of receiving the rejection report from credit information companies.
The RBI imposed a fine of Rs 1.50 lakh on JM Financial Home Loans for non-non-transportation with some provisions of ‘Non-Banking Financial Company-Housing Finance Company (Reserve Bank) directions, 2021’.
A fine of Rs 6.20 lakh has also been imposed on Micro Finance Limited for non-disconnection with some provisions.
In all cases, RBI said that punishment is based on deficiencies in regulatory compliance and its purpose is not intended to pronounce any transaction or validity of agreement, which are recorded by institutions with their customers.
(This story has not been edited by News18 employees and a syndicated news agency has been published from feed – PTI,
