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RBI fines RBL Bank Rs 2.27 cr for failure on internal ombudsman scheme

Other charges levied against lender include non-compliance with RBI norms on credit card operations, code of conduct in outsourcing of financial services, and recovery agents engaged

Mumbai: A security personal outside Reserve Bank of India (RBI) headquarters, in Mumbai, Wednesday, June 8, 2022. (PTI Photo
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BS Reporter Mumbai
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

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First Published: Mar 20 2023 | 6:01 PM IST

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