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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

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

Agencies
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

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

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