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RBI imposed Rs 15 lakh Penalty on Fedbank Financial Services Limited

Published on March 24, 2021
Current Context: The Reserve Bank of India (RBI) has imposed a penalty of Rs 15 lakh on Fedbank Financial Services Limited, Mumbai.
RBI imposed Rs 15 lakh Penalty on Fedbank Financial Services Limited
  • The penalty was imposed for not following the directions framed by RBI in 'Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016'.
  • As per RBI, a statutory inspection of the company with reference to its financial position as of 31st March 2019 revealed the non-compliance with the directions. In this regards, RBI has issued a notice to the company to mention why a penalty should not be imposed for failure to not following the directions issued by RBI.
  • And after the company’s reply to the notice and oral submissions made during the personal hearing, the RBI came to the conclusion that the charge of non-compliance with aforesaid RBI directions was substantiated and warranted imposition of monetary penalty.
  • The Fedbank Financial Services Limited, Mumbai is a subsidiary of Federal Bank.
  • Static Part: 
    • HQ of RBI: Mumbai
    • Governor of RBI: Shaktikanta Das

Question: 

Q.1 RBI imposed Rs ____ penalty on Fedbank Financial Services Limited, Mumbai?
a. Rs 20 lakh
b. Rs 5 lakh
c. Rs 10 lakh
d. Rs 15 lakh
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