The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 29,60,000 (Rupees Twenty-Nine Lakh Sixty Thousand only) on YES BANK Limited for non-compliance with certain directions issued by RBI on ‘Financial Statements Presentation and Disclosures'.
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| RBI Imposes Rs 29.6 Lakh Penalty on YES BANK |
RBI Imposes ₹29.6 Lakh Penalty on YES BANK
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹29,60,000 on YES BANK Limited for non-compliance with certain directions issued by RBI on ‘Financial Statements Presentation and Disclosures'.
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This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
Apart from this, the Reserve Bank of India (RBI) has imposed a monetary penalty of ₹50 lakh on Deutsche Bank AG, India.
RBI Imposes Penalty on YES BANK: Background
The Statutory Inspection for Supervisory Evaluation (ISE 2024) of the bank was conducted by RBI with reference to its financial position as on March 31, 2024.
RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:
- The bank (YES BANK) did not disclose correct and complete information about customer complaints in its Annual Financial Statements for the financial year 2023-24.
The 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 with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.
About YES BANK
YES BANK is an Indian private sector bank, headquartered in Mumbai. YES BANK was founded in 2004 by Rana Kapoor and Ashok Kapur.
YES BANK offers a wide array of products, services, and digital solutions, catering to Retail, MSME, and Corporate clients.
The Bank operates its Brokerage business through YES SECURITIES, a wholly-owned subsidiary of the Bank. The Bank has a pan-India presence including an International Banking Unit (IBU) at GIFT City, and a Representative Office in Abu Dhabi.
Reserve Bank of India (RBI)
The Reserve Bank of India was established on April 1, 1935 according to the provisions of the Reserve Bank of India Act, 1934. The headquarters of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937.
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Initially the bank was privately owned, but since nationalization in 1949 it is fully owned by the Government of India.
Governor of RBI
The current Governor of the Reserve Bank of India is Sanjay Malhotra. He replaced Shaktikanta Das as the governor.
Deputy Governor of RBI
The 4 Deputy Governors are appointed in the Reserve Bank of India (RBI), who are as follows.
- M. Rajeshwar Rao
- T. Rabi Sankar
- Swaminathan J
- Dr Poonam Gupta
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Static Current Affairs related to RBI for upcoming exams
- Establishment: 1 April 1935
- Headquarters: Mumbai, Maharashtra
- Governor: Sanjay Malhotra
- Deputy Governor: Swaminathan J, M. Rajeshwar Rao, T. Rabi Sankar and Poonam Gupta
- Ownership: Ministry of Finance , Government of India
Static Current Affairs related to YES BANK for upcoming exams
- Founded: 2004
- Founders: Rana Kapoor & Ashok Kapur
- Headquarters: Mumbai, Maharashtra
- Non-Executive, Part-time Chairman, Independent Director: Rama Subramaniam Gandhi
- Chief Executive Officer (CEO) & Managing Director: Prashant Kumar
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