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RBI imposes fines on Vakrangee, LIC Housing for violating norms

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1,76,00,000 on Vakrangee Ltd for non-compliance with certain provisions of the White Label ATM (WLA) directions, the central bank said in a release.

PTI Reported By: PTI Mumbai Updated on: October 31, 2022 20:58 IST
Reserve Bank of India
Image Source : PTI Reserve Bank of India

Highlights

  • RBI imposed monetary penalty of Rs 1,76,00,000 on Vakrangee Ltd for non-compliance
  • The regulator has imposed a Rs 30 lakh penalty on The Jammu and Kashmir State Co-operative Bank Ltd
  • A fine of Rs 6 lakh on Mumbai-based The Pratap Co-operative Ltd

The Reserve Bank on Monday said it has imposed penalties on various financial entities, including Rs 1.76 crore on Vakrangee, for violating various norms. The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1,76,00,000 on Vakrangee Ltd for non-compliance with certain provisions of the White Label ATM (WLA) directions, the central bank said in a release.

Among others, the regulator has imposed a Rs 30 lakh penalty on The Jammu and Kashmir State Co-operative Bank Ltd; a fine of Rs 6 lakh on Mumbai-based The Pratap Co-operative Ltd and Rs 5 lakh each on LIC Housing Finance and The Mysore Merchants Co-operative Bank Ltd.

The Nagar Sahakari Bank Ltd, Maharajganj, Uttar Pradesh has been levied a fine of Rs 4 lakh; while Karnataka-based The City Co-operative Bank Ltd and Uttar Pradesh-based Banda Urban Co-operative Bank Ltd have penalised with fines of Rs 2 lakh each. The RBI said these actions are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

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