RBI Penalty on L&T Company: Reserve Bank of India i.e. RBI seems to be in a tough mood at this time. Is taking strict action against banks. After Bank of Baroda, ICICI and Kotak Bank, now again RBI has taken action, and this action has been taken against L&T FINANCE HOLDINGS LIMITED […]
RBI Penalty on L&T Company: Reserve Bank of India i.e. RBI seems to be in a tough mood at this time. Is taking strict action against banks. After Bank of Baroda, ICICI and Kotak Bank, now again RBI has taken action, and this action has been taken against L&T FINANCE HOLDINGS LIMITED. Reserve Bank of India has imposed a fine of Rs 2.5 crore on LNT, in which the company has violated many rules while giving loans.
L&T FINANCE HOLDINGS LIMITED broke the rules
According to RBI, LNT has violated several rules regarding e-KYC of customers while giving loans. Due to which a fine of Rs 2.5 crore has been imposed on the company. Besides, it has also been found that the loan recovery was also not done properly. The rules related to this were not told to the customers and the loan amount was recovered in excess of the amount.
Action has been taken on Baroda’s app and ICICI and Kotak Bank
Let us tell you that earlier RBI had taken strict action against the app of Bank of Baroda and ICICI and Kotak Bank also. Bank of India’s mobile app was banned. A fine of Rs 16 crore was imposed on ICICI and Kotak Bank regarding new customers. Now it remains to be seen which bank’s turn will come in the coming days because playing with the rules has become a common thing.
RBI has its eye on above 20 banks
As of now, RBI is keeping an eye on around 20 banks. Whose documents are being checked. If some shortcomings are found then further action will be taken. About which will be told soon.
