RBI fines India Post Payments Bk INR 2.7 mln for breaking customer svc norms
This story was originally published at 18:41 IST on 31 January 2025
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--RBI fines India Post Payments Bank INR 2.67 mln for breaching norms
--RBI: Fined India Post Payments Bank for breaching customer service norms
NEW DELHI – The Reserve Bank of India on Friday said it has imposed a penalty of INR 2.67 million on India Post Payments Bank for upgrading certain savings bank accounts without taking consent from customers and for levying annual charges after upgrading the said accounts. The RBI said it had ordered the penalty on Jan. 15.
"The Statutory Inspection for Supervisory Evaluation (ISE) of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with RBI directions," the central bank said. End
Reported by Siddharth Upasani
Edited by Tanima Banerjee
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