RBI fines Equitas Small Finance Bank INR 6.5 mln for breaching norms
This story was originally published at 18:35 IST on 31 January 2025
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NEW DELHI – The Reserve Bank of India has imposed a penalty of INR 6.5 million on Equitas Small Finance Bank for levying foreclosure charges on certain floating-rate term loans sanctioned to individual borrowers for non-business purposes and taking collateral for collateral-free agricultural loans amounting up to INR 160,000.
The RBI ordered the penalty on Jan. 20. The central bank had issued a show cause notice to the bank based on the statutory inspection and the penalty was imposed after considering the bank's reply to the notice, RBI said in a release.
Shares of Equitas Small Finance Bank ended 0.4% higher on Friday at INR 66.50 on the National Stock Exchange. End
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Reported by Siddharth Upasani
Edited by Saji George Titus
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