Corporate News 08-Jul-21
RBI imposes penalty on Karur Vysya Bank
For non-compliance related to lending to NBFCs
Karur Vysya Bank announced that the Reserve Bank of India (RBI) imposed a monetary penalty of Rs. 1 crore on the Bank for non-compliance with certain provisions of directions issued by RBI on 'Lending to Non-Banking Financial Companies (NBFCs)', and ‘Bank Finance to Non-Banking Financial Companies (NBFCs)'. The penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47 A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
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