RBI Fines Federal Bank Limited Rs. 5.72 Crore

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The RBI fined Federal Bank Limited Rs 5.72 crore for failing to follow directions for the supply of financial services, [{ "selector": ".dbuof-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

The bank failed to ensure that no inducement (cash or non-monetary) was paid to its workers engaged in insurance broking/corporate agency services by the insurance firm." [{ "selector": ".uoqgf-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 251px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".pgucf-a", "duration": "500ms", "fill": "forwards", "delay": "1500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".qqslk-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateY(-388.49999999999994px)", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }]

The regulatory action taken by the RBI is not meant to rule on the legality of any agreements or transactions made between Federal Bank and its clients, according to the press statement. [{ "selector": ".ffpxl-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateY(-363px)", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".wuitu-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 250px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".mkgiz-a", "duration": "500ms", "fill": "forwards", "delay": "1500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

The RBI conducted the bank's Statutory Inspection for Supervisory Evaluation (lSE) with reference to the bank's financial position as of March 31, 2020,

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And the subsequent supervisory assessment carried out by RBI, and review of the Risk Assessment Report, Scrutiny Report, and other relevant communications revealed, [{ "selector": ".ptmmf-a", "duration": "500ms", "fill": "forwards", "delay": "1500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Among other things, non-compliance with the aforementioned RBI orders to the degree that the bank failed to ensure that no incentive (c) was provided to any employee. [{ "selector": ".qsdxt-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateY(-198px)", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".mjddn-a", "duration": "500ms", "fill": "forwards", "delay": "750ms", "keyframes": [ {"offset": 0, "transform": "translateY(-255px)", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".iwjwx-a", "duration": "500ms", "fill": "forwards", "delay": "1500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

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RBI Fines Federal Bank Limited Rs. 5.72 Crore

The RBI conducted the bank's Statutory Inspection for Supervisory Evaluation (lSE) with reference to the bank's financial position as of March 31, 2020,

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why a penalty should not be levied on it for failing to comply with the stated orders,,

''A notice was given to the bank, telling it that it must show the reason

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