RBI imposes penalty on IndusInd, Manappuram Finance
In the case of IndusInd Bank, the RBI said the Rs 27.30 lakh penalty is imposed for non-compliance with certain provisions of ‘Reserve Bank of India (Interest Rate on Deposits) Directions, 2016’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.