The Reserve Bank of India has imposed, a monetary penalty of ₹57.75 lakh on Suryoday Small Finance Bank Ltd
Reserve bank of India had conducted a inspection for evaluation of the bank based on its financial position as on March 31, 2019 and found that inter alia, violation / non-compliance with directions issued and to the extent the bank failed to furnish FMR to Reserve bank of India, with respect to certain cases of fraud and certain cases of fraud committed by its staff.
Based on the inspections findings RBI had issued a Notice to the bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the directions issued by Reserve bank of India
After considering the bank’s reply to the notice and oral submissions during the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty and imposed a penalty of ₹57.75 lakh Rupees.
