RBI fines Deutsche Bank India &Yes Bank for violating its guideline
Banking and Finance
4 min read
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 50 lakhs on Deutsche Bank India and Rs 29.60 lakhs on Yes Bank for non-compliance with the RBI's regulatory guidelines.
The RBI fined these banks under the provisions of Section 47A(1)(c) and Section 46(4)(i) of the Banking Regulation Act 1949.
The Banking Regulation Act 1949 makes the RBI the regulator and supervisor of the banks in India.
Rs 50 lakhs fine on Deutsche Bank India
RBI has imposed a monetary penalty of Rs 50 lakhs on Deutsche Bank India.
Reason
- According to the RBI, the bank did not report the credit information of certain borrowers to the Central Repository of Information on Large Credits (CRILC) managed by the RBI.
CRILC
- Scheduled commercial banks, cooperative banks, non-banking financial companies (NBFCs), and all India Financial Institutions are required to report to the CRILC loans of Rs 5 crore or above given to customers.
Rs 29.60 lakh fines on Yes Bank
RBI has imposed a fine of Rs 29.60 lakh on the private sector bank Yes Bank.
Reason
- According to the RBI, the bank did not disclose the correct and complete information about customer complaints in its 2023-24 Annual Financial Statements.
About Deutsche Bank India
Deutsche Bank India is the subsidiary of the German multinational bank Deutsche Bank.
Deutsche Bank opened its first branch in India in 1980.
The Bank established its subsidiary Deutsche Bank India in 2006.
The bank currently has 17 branches in India.
Headquarters: Mumbai
Chief Executive Officer (CEO): Kaushik Shaparia
Deutsche Bank Global Headquarters: Frankfurt, Germany
About Yes Bank
Yes Bank received a banking license from the RBI in 2003 and started operating in 2004.
It is a private sector bank.
Yes Bank is the first Bank of India to launch Green Infrastructure Bonds. It was issued in 2015.
In 2020, the bank faced a crisis, and the State Bank of India (SBI) bought a 49% stake in Yes Bank.
Headquarters: Mumbai
Managing Director and CEO: Prashant Kumar
Tagline : Life Ko Banoa Rich
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