The RBI has imposed a penalty on Bandhan Bank, citing failures in periodic risk categorisation reviews for certain accounts. The regulator also pointed to sanctions of director-related loans. Separately, the RBI has penalised Muthoot Housing Finance Company as well, underscoring stricter oversight on banks and housing lenders’ risk and related-party lending compliance.
The Reserve Bank of India has imposed penalties on Ebix Payment Services, along with Dr Babasaheb Ambedkar Nagari Sahakari Bank and Hardoi Jilla Sahkari Bank. The action follows regulatory non-compliance identified by the central bank, highlighting tighter scrutiny of adherence to RBI rules across payment and cooperative banking entities.
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RBI rules require card issuers to complete credit card closure within seven working days. If they fail, they must pay a penalty of Rs 500 per calendar day of delay to the cardholder, until closure—assuming there is no outstanding balance. In one case, the compensation reached Rs 3.21 lakh, highlighting how quickly delays add up.
Mumbai’s airport operator MIAL imposed a Rs 10 lakh penalty on ground handler AI Airport Services Ltd (AIASL) after a collision with a parked Gulf Air aircraft. The damage was linked to a detached dolly, but the fallout has gone beyond repairs, adding reputational harm and financial strain for the airport authorities.
IndiGo’s INR22 crore penalty for the December operational chaos is a record, but the punishment feels small compared with the airline’s revenue and the scale of the disruption. The penalty’s size is headline-grabbing, yet it leaves key questions unanswered about what went wrong, why it was capped, and whether customers and system safeguards will actually change.
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