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RBI imposes Rs 2 crore monetary penalty on RBL Bank
The Reserve Bank of India on Monday imposed a penalty of Rs 2 crore on RBL Bank for breaching deposit, board composition norms. An examination carried out by the RBI showed that the private lender was non-compliant in opening five savings deposit accounts for a cooperative bank.
The Statutory Inspection for Supervisory Evaluation (ISE) of the bank was conducted by RBI which took into account the lender’s
financial position as of March 31, 2019.
“The examination of the Risk Assessment Report and Inspection Report pertaining to ISE 2019, RBI letter dated October 27, 2020, and related correspondence in the matter, revealed, contravention of directions and non-compliance with the opening of five savings deposit accounts in the name of a co-operative bank and failure to comply with the provisions of section 10A(2)(b) of the Act relating to the composition of Board of Directors,” the RBI said in a statement.
The RBI said it had also issued a notice to the bank asking it to explain why a penalty should not be imposed on it. “After considering the bank’s reply to the show-cause notice, oral submissions made during the personal hearing, and examination of additional submissions made by the bank, RBI came to the conclusion that contravention warranted imposition of monetary penalty on the bank,” the regulator said.
Latest News
Legacy of Learning: Education Pioneer Padma Shri Dr. D. Y. Patil Passes Away at 90
From establishing premier universities to serving as Governor, the visionary founder leaves behind an indelible mark on Indian education.
The Demise
Dr. Dnyandeo Yashwantrao (D. Y.) Patil, a pioneering force in India’s higher education landscape and former Governor, passed away in Kolhapur at the age of 90.
Affectionately honored as “Shikshanmaharshi” (Grand Teacher), Dr. Patil transformed access to professional education over a career spanning several decades. Through the D Y Patil Group, he established over 150 institutions including top medical colleges, engineering institutes, and deemed universities across Navi Mumbai, Pune, Kolhapur, and Mumbai.
His immense contributions to education and healthcare earned him the prestigious Padma Shri in 1991. Beyond academia, Dr. Patil was an influential figure in public administration, serving as a Maharashtra MLA and later as Governor of Tripura, Bihar, and West Bengal. His vision also brought world-class sports infrastructure to Navi Mumbai with the iconic D Y Patil Stadium.
Tributes have poured in from political leaders, academics, and citizens nationwide, honoring a leader whose legacy endures through the millions of students educated across his institutions.
Latest News
Commuters Left Stranded as NMMT Bus Breakdowns Surge During Peak Hours
Frequent mechanical failures and poor fleet maintenance trigger severe delays across Navi Mumbai, leaving daily passengers frustrated.
Breakdown
Daily travel has turned into a chaotic trial for thousands of residents as a wave of municipal bus breakdowns continues to disrupt peak-hour commutes across the region.
Passengers relying on the Navi Mumbai Municipal Transport (NMMT) network which ferries over 2.5 lakh commuters daily across Navi Mumbai, Thane, Mumbai, and Kalyan-Dombivli face persistent delays, missed connections, and dangerously overcrowded buses.
The frequency of breakdowns has sparked sharp concerns regarding passenger safety. Civic activists and groups like the Airoli Citizens’ Forum have formally escalated the crisis to senior NMMC officials, citing unaddressed maintenance lapses like faulty braking systems, worn tires, and sudden engine failures mid-route. Transit officials attributed the breakdown surge to technical snags worsened by rain and severe negligence by the private maintenance contractor.
In response to public outcry, authorities have blacklisted the failing contractor and handed maintenance back to original vehicle manufacturers, promising fleet reliability will improve in the coming days.
Latest News
Citizens Lose ₹68 Crore Across 178 Reported Cases
Spike in investment schemes and fake “digital arrests” leaves residents reeling as police push for faster reporting.
Cyber Crime Surge
A sharp surge in digital scams has siphoned off a staggering Rs 68 crore across 178 reported cases, highlighting the aggressive tactics used by cybercriminals.
Fraudsters are relying on high-yield online investment traps, fake job promises, and high-pressure “digital arrest” schemes where impostors pose as law enforcement officers over video calls to extort money. Senior citizens have been hit especially hard, often losing life savings in minutes.
A primary challenge for police is the speed at which funds are funneled through networks of secondary accounts and converted into cryptocurrency, leaving law enforcement able to recover only a fraction of the stolen money. Police urge the public to remember that no government agency conducts online arrests or demands money over video calls.
If targeted, report the crime immediately to the national helpline 1930 or at cybercrime.gov.in. Calling within the “golden hour” remains the single best chance to freeze funds before they disappear.
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