MUMBAI: The Reserve Bank of India has imposed monetary penalties on Yes Bank and Deutsche Bank AG’s India operations for failing to comply with specific regulatory guidelines.
Yes Bank has been fined Rs29.60 lakh for not adhering to the central bank’s directions on the presentation and disclosure of financial statements. According to the RBI, the bank failed to disclose accurate and complete information on customer complaints in its annual financial statements for 2023–24.
Deutsche Bank AG, India, has been penalised Rs 50 lakh for non-compliance with the central bank’s directions related to the creation of a central repository of large common exposures across banks, as well as the revised reporting requirements under the Central Repository of Information on Large Credits (CRILC).
The penalties were imposed under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949. In both cases, the RBI issued notices to the banks following supervisory findings, asking them to explain why penalties should not be levied for the observed lapses.
“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 banks with their customers,” the RBI clarified.
