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RBI imposes Rs 5 crore penalty on Federal Bank

RBI imposes Rs 5 crore penalty on Federal Bank

RBI imposes Rs 5 crore penalty on Federal Bank
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By Shubham Singh  Oct 5, 2018 11:51:44 AM IST (Updated)

The Reserve Bank of India (RBI) on Wednesday imposed a penalty of Rs 5 crore on Kerala-based Federal Bank.

The Reserve Bank of India (RBI) on Wednesday imposed a penalty of Rs 5 crore on Kerala-based Federal Bank for non-compliance on reporting of large borrower exposures and non-payment of customer compensations, among other deficiencies.

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The lender was found to have not complied with RBI directions on reporting of data on Central Repository of Information on Large Credits (CRILC) and reporting to RBI for assessment under risk-based supervision, an RBI statement said.
It was also found to have not paid compensation for delay in resolution of ATM (automated teller machine)-related customer complaints, the central bank said.
Another shortcoming found with the bank relates to non-compliance with following know your customer and anti-money laundering norms, it said.
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