Business Standard

RBI fines Bandhan Bank for not reducing promoter shareholding to 40%

The penalty has been imposed in exercise of powers vested in the RBI under the provisions of the Banking Regulation Act, 1949


A Reserve Bank of India (RBI) logo is seen at the gate of its office in New Delhi. Photo: Reuters

The Reserve Bank of India (RBI) on Tuesday imposed a penalty of Rs 1 crore on Bandhan Bank for not bringing down the promoter shareholding to 40 per cent. Bandhan MFI had obtained in-principle universal banking license from the central bank in 2014 and started full-fledged operations as a bank from August 2015.
RBI imposed the penalty on account of failure to pare the shareholding of Bandhan Financial Holdings Ltd to 40 per cent of its paid-up voting capital, within three years from commencement of the business of the bank, the lender said in a BSE filing.
Bandhan Bank came out with

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 29 2019 | 9:48 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers.

Register to