RBI Cracks Down: Penalties on Banks for Regulatory Lapses

The Reserve Bank of India (RBI) has levied penalties on Equitas Small Finance Bank and India Post Payments Bank for failing to meet regulatory compliance standards. A fine of Rs 65 lakh was imposed on Equitas Bank, while India Post Payments Bank was fined Rs 26.70 lakh. Aptus Finance also received a penalty for regulatory breaches.

The Reserve Bank of India (RBI) has taken decisive actions against Equitas Small Finance Bank and India Post Payments Bank for falling short in regulatory compliance.

Equitas Small Finance Bank faced a significant penalty of Rs 65 lakh for not complying with directives on charges and agricultural loans. Meanwhile, a fine of Rs 26.70 lakh was levied on India Post Payments Bank concerning customer service issues.

Aptus Finance India Pvt Ltd also received a penalty for non-compliance with non-banking financial company norms. The RBI clarified that these penalties address compliance deficiencies and do not reflect on the validity of transactions made by these entities.

(With inputs from agencies.)