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RBI imposes Rs 1 crore penalty on Lakshmi Vilas Bank

  •   Mon, Oct 14 2019 08:09:00 PM

Mumbai, Oct 14 (IANS): The Reserve Bank of India (RBI) on Monday imposed a penalty of Rs 1 crore on the Lakshmi Vilas Bank Ltd, owing to deficiencies in its regulatory compliance.

The central bank said its statutory inspection of the bank with reference to its financial position as on March 31, 2017, revealed, inter alia, non-compliance with directions issued by RBI on"Income Recognition and Asset Classification (IRAC) norms".

"This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the RBI said.

The action came after a week after the central bank rejected the merger of India Bulls Housing Finance Ltd and the bank.
  

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Comment on this article

  • SmR, Karkala

    Mon, Oct 14 2019

    Ever since two right-wing propaganda portals 'Swarajya' and 'OpIndia' two pro-Hindutva platforms, known for peddling fake news, used an illustration of Sitharaman in Hindu Goddes Laxmi’s avatar, as she was widely dubbed by pro-government TV channels just before she presented her maiden budget, PM Modi government BJP government seems to be cursed.

    RBI action seems to be came too late and too little despite HDIL chairman's name has appeared in 'Paradise and Panama papers' for black money and fraudulent transaction overseas which PM Modi's government ignored despite having full knowledge of the scam.

    While 'Diwali' is a few away when most of the Hindus worship Bhagyalakshmi, the fate of the Lakshmi Vilas Bank is not less than the 9 lakh deposit holder of the PMC bank.

    The RBI which recently bailed out the PM Modi's government with 1.76 lakh crores to offset the budget defecit by looting the 'piggy bank' to woo the masters in the government is now making most of the bank in indian 'History' with RBI Governor's history in educational background.

    Is IDBI, UCO, Yes Bank or our own Life Insurance Corporation savings will be the next to 'Diwala'?
    Jai Hind

    DisAgree Agree Reply Report Abuse

  • Charles D'Mello, Pangala

    Mon, Oct 14 2019

    There are no body to question our Governments false promises......

    DisAgree Agree Reply Report Abuse


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Title: RBI imposes Rs 1 crore penalty on Lakshmi Vilas Bank



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