RBI imposes Rs 15 lakh penalty on Fedbank Financial Services

The Reserve Bank of India has imposed a penalty of Rs 15 lakh on Fedbank Financial Services Limited, Mumbai. The penalty has been imposed for non-compliance with “certain provisions of the directions issued by the Reserve Bank of India (RBI) contained in ”Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016′.

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The statutory inspection of the corporate as regards to its monetary place as of March 31, 2019, revealed, inter alia, non-compliance with the instructions issued by it. The inspection report of the Koyana Sahakari Bank based mostly on its monetary place as of March 31, 2019, revealed that it had exceeded the prudential inter-bank (single financial institution) publicity restrict.

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