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 Sonali Bank PLC
RBI
The Reserve Bank of India (RBI) imposed a ₹96.40 lakh penalty on Sonali Bank PLC on June 10, 2024, for violations related to the Credit Information Companies (Regulation) Act, 2005, and RBI directions on KYC norms and SWIFT-related controls. \r
The penalty follows RBI's inspections highlighting the bank's failure to review risk categorization of accounts, implement transaction alert systems, and adhere to SWIFT operational controls within deadlines. Sonali Bank PLC also did not meet membership requirements of all Credit Information Companies as stipulated. \r
The penalty addresses regulatory compliance deficiencies identified during supervisory evaluations and IT examinations, without questioning the validity of transactions. Further regulatory actions against the bank by RBI are not precluded.
