On which bank RBI has imposed penalty?

ICICI Bank
The RBI imposed a penalty of Rs 30 lakh on ICICI Bank and Rs 1.8 crore on PNB, the central bank said in a press release. The Reserve Bank of India (RBI) on December 15 imposed a monetary penalty on ICICI Bank and Punjab National Bank (PNB) citing certain rule violations.

What is monetary penalty by RBI?

RBI imposes monetary penalty of Rs 30 lakh on ICICI Bank and Rs 1.8 crore on PNB. SECTIONS. RBI imposes monetary penalty of Rs 30 lakh on ICICI Bank and Rs 1.8 crore on PNB. ET Online Last Updated: Dec 15, 2021, 08:34 PM IST.

How does RBI monitor banks in India?

The Banking Regulation Act, 1949 empowers the Reserve Bank of India to inspect and supervise commercial banks. These powers are exercised through on-site inspection and off site surveillance.

Which bank controls all banks?

The Reserve Bank of India (RBI) is India’s central bank, also known as the banker’s bank. The RBI controls the monetary and other banking policies of the Indian government.

How does RBI function?

In the Indian context, the basic functions of the Reserve Bank of India as enunciated in the Preamble to the RBI Act, 1934 are: “to regulate the issue of Bank notes and the keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to …

What is camel rating for banks?

CAMELS is an international rating system used by regulatory banking authorities to rate financial institutions, according to the six factors represented by its acronym. The CAMELS acronym stands for “Capital adequacy, Asset quality, Management, Earnings, Liquidity, and Sensitivity.”

What are the power and functions of RBI?

The powers and functions of RBI include issuing currency notes, controlling the credit through its monetary policy, custodian of foreign exchange, Banker to the Government, etc. RBI was established on 1st April, 1935 in Kolkata in accordance with the Reserve Bank of India Act, 1934.