 "Reserve Bank of India, RBI")
The Reserve Bank of India (RBI) has imposed a penalty of Rs 2.27 crore on private sector lender RBL Bank for not complying with the central banks’ norms on internal ombudsman scheme, fair practices code, credit card operations, managing risks and code of conduct in outsourcing of financial services, and recovery agents engaged.
In its statement, the central bank said that on examination of a report based on certain complaints pertaining to the period FY21 and FY22 received against the recovery agents engaged by the bank, it was found that the bank failed to communicate the decision of its internal
