 "rbi, reserve bank of india")
The Reserve Bank of India’s (RBI’s) enforcement department was set up in April 2017 to separate enforcement action from the supervisory process. According to the RBI’s Annual Report 2022-23, enforcement action was taken against 205 regulated entities (REs) and an aggregate penalty of Rs 40.39 crore was imposed for contraventions and non-compliance.
This, in a nutshell, reflects the shift in the regulator’s approach to enforcement. What was earlier a slap on the wrist is now resulting in serious financial and non-financial penalties. Gone are the days when bank treasurers used to calculate the likely penalty for a cash reserve ratio
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