- 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
a. Rs 20 lakh
b. Rs 5 lakh
c. Rs 10 lakh
d. Rs 15 lakh
