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Penalty Imposed on KEB Hana Bank by RBI

Published on May 16, 2022
Current Context: 59 lakh penalty has been imposed by RBI on KEB Hana Bank for not following certain norms related to interest rates on deposits.
Penalty Imposed on KEB Hana Bank by RBI
  • KEB Hana Bank is a Korean bank that RBI has inspected regarding its financial position as of March 31st, 2020.
  • During an inspection, RBI came to know that it doesn’t comply with the directions issued by RBI under ‘Reserve bank of India’(interest rate on deposits) directions 2016’.
  • Interest rates offered by the bank to their lenders were not consistent and there is no transparency in interest rates levied by the bank.
  • They have also not updated any information related to it in the core banking system for supervisory review.
  • However, this penalty will not affect any transaction or agreement signed between the bank with its customers.
  • Static Part:
    • Established:1967 as Korean Exchange Bank
    • Merged with Hana Bank: On 1Spetember 2015
    • Headquarters: Seoul Korea

Question:

Q.1 How much amount of a penalty was imposed by RBI on KEB Hana Bank?
a. 72 lakh
b. 59 lakh
c. 63 lakh
d. 82 lakh

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