India, Feb. 10 -- The Reserve Bank of India (RBI) has, by an order dated February 04, 2025, imposed a monetary penalty of ?27.30 lakh (Rupees Twenty Seven Lakh Thirty Thousand only) on Federal Bank Limited (the bank) for non-compliance with certain directions issued by RBI on 'Interest Rate on Deposits'. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) of the Banking Regulation Act, 1949.
The statutory Inspection for Supervisory Evaluation (ISE 2023) of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on the supervisory findings of non-compliance with RBI directions and related correspondence in that r...