RBI Imposed Rs 2 crore Penalty on RBL Bank

Current Context: The Reserve Bank of India (RBI) imposed Rs 2 crore penalty on RBL Bank.

• The penalty was imposed for not following provisions of the Banking Regulation Act, 1949.
• The penalty was imposed in exercise of powers vested in it under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Act.
• As per the analysis made by RBI, it was found that RBL Bank was non-compliant in opening five savings deposit accounts for a cooperative bank and composition of the board of directors.
• The central bank has also imposed a penalty of Rs 11 lakh has been imposed on the Jammu & Kashmir State Co-operative Bank Limited, Srinagar. The penalty was imposed due to inadequacy in regulatory adherence. The cooperative bank has not followed section 23 read with section 56 of the Banking Regulation Act, 1949 by opening branches without the prior permission of the RBI.
• Static Part: 
• HQ of RBI: Mumbai
• Governor of RBI: Shaktikanta Das
• HQ of RBL Bank: Mumbai
• MD and CEO of RBL Bank: Vishwavir Ahuja

Question: 

Q.1 RBI imposed the penalty of ___ on RBL Bank as it was non-compliant in opening five savings deposit accounts for a cooperative bank and composition of the board of directors?
a. Rs 70 lakh
b. Rs 1 crore
c. Rs 2 crore
d. Rs 50 lakh