Daily Current Affairs Quiz 2019<\/a><\/strong><\/p>\n\n\n\n“The Reserve Bank of India (RBI) has, by an order dated\nJuly 31, 2019, imposed monetary penalty on seven banks for non-compliance with\ncertain provisions of directions issued by RBI on ‘Code of Conduct for Opening\nand Operating Current Accounts’,” RBI said in a release.<\/p>\n\n\n\n
It said the penalties have been imposed in exercise of\npowers vested in the central bank under the provisions of the Banking\nRegulation Act, 1949.<\/p>\n\n\n\n
“This action is based on the deficiencies in regulatory\ncompliance and is not intended to pronounce upon the validity of any\ntransaction or agreement entered into by the banks with their customers,”\nthe regulator added.<\/p>\n\n\n\n
RBI said it carried out a scrutiny of the accounts of\ncompanies of a group and it was observed that the banks had failed to comply\nwith provisions of one or more of the directions issued by it.<\/p>\n\n\n\n
Based on the findings of the scrutiny, notices were issued\nto the banks advising them to show cause as to why penalty should not be\nimposed for non-compliance with the directions.<\/p>\n\n\n\n
After considering the replies received from the banks, oral\nsubmissions made in the personal hearings and examination of additional\nsubmissions, the central bank “came to the conclusion that the said\ncharges of non-compliance with RBI directions were sustained and warranted\nimposition of monetary penalty on aforementioned seven banks, based on the\nextent of non-compliance in each bank”.<\/p>\n\n\n\n
In a separate release, RBI imposes fine of \u20b91 crore on Corporation Bank for non-compliance of norms related to cyber security framework for banks, and frauds classification and reporting.<\/p>\n\n\n\n
“RBI has imposed, by an order dated July 31, 2019,\nmonetary penalty of \u20b91 crore on Corporation Bank. This action is based on the\ndeficiencies in regulatory compliance and is not intended to pronounce upon the\nvalidity of any transaction or agreement entered into by the bank with its\ncustomers,” RBI said.<\/p>\n","protected":false},"excerpt":{"rendered":"
RBI imposes fine of Rs 11 crore on seven public sector banks for violating norms on current account opening. Allahabad Bank and Bank of Maharashtra have been imposed a fine of \u20b92 crore each, Bank of Baroda, Bank of India, Indian Overseas Bank and United Bank of India have been slapped with fines of \u20b91.5 […]<\/p>\n","protected":false},"author":13,"featured_media":4421,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[64],"class_list":["post-4420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-articles","tag-reserve-bank-of-india-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/4420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=4420"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/4420\/revisions"}],"predecessor-version":[{"id":4422,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/4420\/revisions\/4422"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/4421"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=4420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=4420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=4420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}