RBIFinelow
IndusInd Bank
Mumbai, India
20 lakh for non-compliance with its directions on interest rates on deposits and securitisation of standard assets. A statutory inspection found that the bank had paid interest on deposits held in certain current accounts. The inspection also found IndusInd Bank had undertaken activities in the nature of synthetic securitisation.
70 lakh). Those entities were penalised for separate violations ranging from disclosure failures and asset classification errors to KYC lapses.
Implications
- Signals continued RBI vigilance on bank compliance with deposit and securitisation regulations
- Concurrent penalties on NBFCs underscore coordinated regulatory scrutiny across the bank-NBFC ecosystem
- Banks partnering with fintechs for deposit or lending products should review adherence to RBI directions
Sources
- NewsMoneylife
- NewsBusiness Standard
- NewsFintechBizNews
- BlogLinkedIn — Vijayakumar
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