Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Informative
RBI imposes monetary penalty on Central Bank of India
RBI
The Reserve Bank of India (RBI) imposed a ₹1,45,50,000 penalty on the Central Bank of India on June 11, 2024, for non-compliance with RBI directions on loans, advances, and customer protection in unauthorized electronic transactions. \r
The penalty follows the Statutory Inspection for Supervisory Evaluation (ISE 2022), which revealed the bank's failure to comply with RBI regulations. Specific violations include sanctioning a loan against government receivables and failing to credit amounts for unauthorized electronic transactions within 10 working days, as well as not resolving complaints within 90 days. \r
The penalty addresses regulatory compliance deficiencies and does not affect the validity of transactions or agreements between the bank and its customers.
