RBI imposes penalty on BNP Paribas, 3 others
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 31.80 lakh on BNP Paribas bank for non-compliance with certain directions issued by the central bank on “Interest Rate on Advances”.
Giving details, it said the statutory inspection for Supervisory Evaluation of the bank was conducted by it with reference to its financial position as of March 31, 2023.
The central bank has also imposed penalties on Hewlett Packard Financial Services (India) of Rs 10.40 lakh, SMFG India Credit Company (Rs 23.10 lakh), and Muthoot Vehicle & Asset Finance Rs 7.90 lakh) for non-compliance with certain norms.
According to the RBI, the action is based on deficiencies in statutory and regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
