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RBI Imposes Rs 27 Lakh Fine On IndusInd Bank For Flouting Deposit Norms

IndusInd Bank was fined Rs 27.30 lakh by the RBI for non-compliance with deposit norms. The fine was levied following an inspection in March 2023.

Subhana Shaikh

The Reserve Bank of India imposed the penalty on IndusInd Bank Ltd after the private sector lender failed to comply with provisions on savings deposit accounts. The violation was discovered during an inspection carried out on March 31, 2023. (Photo source: IndusInd Bank Facebook page)

The Reserve Bank of India imposed a monetary penalty of Rs 27.30 lakh on IndusInd Bank Ltd because of non-compliance with certain provisions, the central bank said in a press release.

RBI fined the private sector bank as it observed that the charge pertaining to the opening of certain savings deposit accounts in the name of ineligible entities was sustained by the bank.

On March 31, 2023, the RBI conducted a statutory inspection of the bank. After considering the company’s reply to RBI's show cause notice and oral submissions made by it during the personal hearing, RBI decided to impose these charges.

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