RBI Slaps A Huge Penalty Of Rs 36 Lakh On Central Bank

RBI slaps a huge penalty of Rs 36 lakh on Central Bank, MPC details released.

In the meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India, the concern of all the members was about inflation.

In view of this concern, Governor Shaktikanta Das said that the central bank needs to re-evaluate the rapidly changing global conditions as well as take appropriate steps.

This has come to the fore in the minutes of the meeting held from April 6 to 8. The details of the meeting of the six-member committee were released on Friday.

In the meeting, it was decided not to change the policy rates. Along with this, RBI has imposed a fine of Rs 36 lakh on the Central Bank of India.

Inflation is above five percent in 60 percent of developed countries.

In the meeting, MPC member and RBI Deputy Governor M Debabrata Patra said that one thing is globalization is taking place at this time and that is inflation.

He had said, “About 60 percent of developed countries have inflation above five percent. At the same time, the inflation rate in more than half of the developing countries is more than seven percent.

The inflation forecast raised to 5.7 percent.

In this meeting, the RBI raised the inflation forecast for the current fiscal to 5.7 percent, against the 4.5 percent forecast in February.

The RBI has also reduced the growth rate forecast to 7.2 percent from 7.8 percent.

RBI slaps a huge penalty of Rs 36 lakh on the Central Bank of India.

Along with this, RBI has imposed a fine of Rs 36 lakh on the public sector Central Bank of India. Because it had violated the rules related to the protection of the interests of customers.

RBI said in a statement that this action has been taken on the bank for negligence in regulatory compliance.

On the basis of the reply to the notice received from the bank, action has been taken against him.

In this order dated April 18, 2022, the Reserve Bank has imposed a fine of Rs 36 lakh on the Central Bank for violating the provisions related to the protection of the interests of customers.