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SOURCE OF INFORMATION : RESERVE BANK OF INDIA WEBSITE & NEWSPAPERS
PERIOD COVERED : 01-AUG-1996 TO 21-NOV-2024

NATIONALISED BANKS: DID NOT MONITOR PAYOUT TRANSACTIONS AND CARRY OUT RISK PROFILING OF ENTITIES AVAILING PAYOUT SERVICES

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person INDIAN BANK
  DID NOT MONITOR PAYOUT TRANSACTIONS AND CARRY OUT RISK PROFILING OF ENTITIES AVAILING PAYOUT SERVICES

SANCTIONED TERM LOAN TO A CORPORATION (I) IN LIEU OF OR TO SUBSTITUTE BUDGETARY RESOURCES ENVISAGED FOR CERTAIN PROJECTS (II) WITHOUT UNDERTAKING DUE DILIGENCE ON THE VIABILITY AND BANKABILITY OF THE PROJECTS TO ENSURE THAT REVENUE STREAMS FROM THE PROJECTS WERE SUFFICIENT TO TAKE CARE OF THE DEBT SERVICING OBLIGATIONS AND (III) THE REPAYMENT/SERVICING OF WHICH WAS MADE OUT OF BUDGETARY RESOURCES

DID NOT CONSTITUTE CUSTOMER SERVICE COMMITTEE OF BOARD, PUT IN PLACE A CUSTOMER GRIEVANCE REDRESSAL POLICY DULY APPROVED BY THE AND MAINTAIN ANY REGISTER FOR COMPLAINTS FROM CUSTOMERS/CONSTITUENTS IN ITS BRANCHES   		IMPOSED PENALTY RS.1,62,00,000

21-SEP-2023 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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