Moneylife » Economy & Nation » Money & Banking » RBI imposes Rs2 lakh penalty on Rajasthan bank for excessive service charges
RBI imposes Rs2 lakh penalty on Rajasthan bank for excessive service charges
| 29/06/2012 11:37 AM |
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The action by the apex bank should serve as a pointer to other banks—big and small—that charge excessive service charges
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs2 lakh on the Bundi Urban Co-operative Bank located at Bundi in Rajasthan. According to a press release, the bank has been penalised for "repeated violations of Reserve Bank of India (RBI) directives relating to donation and levy of service charges on customers". A show-cause notice was sent to the bank, but the central bank found the response unsatisfactory.
Levying monetary penalty for violation of RBI guidelines on services charges to customers is the first of its kind by the RBI. The action by the apex bank should serve as a pointer to other banks-big and small-that charge excessive service charges.
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