Which bank has imposed monetary penalty on DCB Bank for rule violation – InterviewSolution

InterviewSolution

1.	Which bank has imposed monetary penalty on DCB Bank for rule violations?
Answer» The Reserve Bank of India (RBI) imposed monetary penalty on DCB Bank and Jio Payments Bank for various rule violations. The central bank has imposed a penalty of Rs 22 lakh on DCB Bank for non-compliance with certain provisions on marketing/distribution of mutual fund/insurance etc. The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

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