Mumbai: The Reserve Bank of India (RBI) has slapped a fine of Rs 1 crore on private sector Bandhan Bank for non-compliance of its guidelines on promoter holding requirement.
The RBI has, by an order on Thursday, imposed a monetary penalty of Rs 1 crore on Bandhan Bank for non-compliance with the guidelines on promoter holding contained in 'Guidelines for Licensing of New Banks in Private Sector', the central bank said in a release. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Act.