The Reserve Bank of India (RBI) imposed financial penalty on DCB Bank and Jio Payments Bank for varied rule violations. The central financial institution has imposed a penalty of Rs 22 lakh on DCB Bank for non-compliance with sure provisions on advertising/distribution of mutual fund/insurance coverage and so forth. The penalty has been imposed in train of powers vested in RBI underneath the provisions of Section 47A(1)(c) learn with Section 46(4)(i) of the Banking Regulation Act, 1949.
In the case of Jio Payments Bank, the RBI imposed a penalty of Rs 1 crore for non-compliance with RBI instructions on well timed submission of utility within the case of reappointment of Managing Director and Chief Executive Officer underneath Section 35B of the Banking Regulation Act, 1949 (the Act).
Important takeaways for all aggressive exams:
- Governor of RBI: Shaktikanta Das.
- Deputy Governors of RBI: BP Kanungo, MK Jain, MD Patra and Rajeshwar Rao.
- Headquarters: Mumbai, Maharashtra.
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