New Delhi, Feb. 7 -- The Reserve Bank of India (RBI) has imposed a monetary penalty on two private lenders - Federal Bank and Karur Vysya Bank Limited for non-compliance with certain directions on "Interest Rate on Deposits" in case of Federal Bank and "Loan System for Delivery of Bank Credit" in case of second Bank.
A monetary penalty of Rs 27.30 lakh has been imposed on Federal Bank Limited while the Karur Vysya Bank get a penalty of Rs 8.30 lakh, the RBI said in a notification on its website on Friday.
The statutory Inspection for Supervisory Evaluation of the Federal 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 relat...