The action is based on deficiencies in regulatory compliance
GN Bureau | January 7, 2017
The Reserve Bank of India has imposed a monetary penalty of Rs 30 million on Lakshmi Vilas Bank Ltd. (LVB) for contravention of instructions relating to opening and operation of current accounts, extending bill discounting facilities to non-constituents and walk-in customers and non-adherence to KYC norms.
“This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers,” said a press release.
RBI had received a complaint regarding irregularities in bill discounting/purchasing at one of the bank’s branches. RBI carried out an examination of the irregularities. Explanation from the bank was also obtained by RBI. On the basis of the examination of RBI and explanation furnished by the bank, a show cause notice was issued to the bank for violation of certain regulations and instructions issued by RBI.
After considering the bank’s reply, as also, personal submissions, information submitted and documents furnished, the RBI came to the conclusion that these violations were substantiated and warranted imposition of monetary penalty.
India has fared worse than its neighbours: Nepal, Bangladesh, Pakistan and China, in an inclusive development index. World Economic Forum’s Inclusive Growth and Development Report 2017 said that India, with a score of only 3.38, ranks 60th among the 79 developing economies on the IDI (inclu
Minister of steel Chaudhary Birender Singh chaired a meeting of the parliamentary consultative committee attached to the ministry of steel in New Delhi on initiatives taken by the steel ministry to enhance demand and production of steel in the country and status of completion of projects by the PSUs.
Manufacturing growth has underpinned India’s recent economic performance, which may help buffer demand for the region’s commodity exporters, said an International Labour Organisation (ILO) report. The report “World Employment Social Outlook - Trends 2017” said that ec
The dramatic rise in India`s oil demand shows no signs of faltering, leading analysts say that the country will remain a driver of Asian growth in 2017. Consumption is expected to rise by 7-8% this year, outpacing China`s demand growth for the third consecutive year, said Platts Analytics i
This time of the year, the corridors of Rail Bhawan on Delhi’s Raisina Road, would normally have been abuzz with activity as officials would be at work tightening the nuts and bolts of the railway budget. The exercise was so time consuming, officials would have to sometimes go without sleep. The effo
Narendra Modi, the prime minister of India, is a great fan of Twitter and other social-media forums. As chief minister, this gave him a tech-savvy image, helping to connect with youngsters. As prime minister, he has taken his love for social media to new heights, asking the ministers and ministries to incr