RBI fines IndusInd Bank INR 2.73 mln for breach of deposit opening norms
This story was originally published at 18:09 IST on 20 December 2024
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--RBI fines IndusInd Bank INR 2.73 mln for breach of deposit rate norms
MUMBAI – The Reserve Bank of India has imposed a monetary penalty of INR 2.73 million on IndusInd Bank for non-compliance with certain norms on deposit opening, the central bank said Friday. The private bank was fined on charges of opening certain savings deposit accounts in the name of ineligible entities, RBI said in a release.
RBI had sent a show-cause notice to IndusInd Bank based on a statutory inspection of the bank's financial position as of Mar. 31, 2023. The monetary penalty was imposed after considering the bank's reply to the show-cause notice, RBI said.
On Friday, shares of IndusInd Bank closed 3.6% lower at INR 929.45 on the National Stock Exchange. End
Reported by Kshipra Petkar
Edited by Saji George Titus
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