RBI will take action against these 2 banks..
RBI will take action against these 2 banks.. Customers beware.. Do you know which bank?RBI is taking big action on these 2 big banks. Penalties run into crores. Find out the details related to which bank it is.Bank Users AlertThe bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india (RBI) has taken action against two large private banks. A fine of Rs.1.91 crore has been imposed on them. These banks include YES bank and ICICI Bank. This penalty is imposed for non-compliance of Central bank instructions and unauthorized operation of internal/office accounts.BanksThis action has been taken under the banking Regulation Act, 1949. The RBI has found that the two banks have not complied with the central bank's instructions. The Reserve bank has found that it has sanctioned loans to some companies without ascertaining the credibility and merit of the projects and whether the loans will be repaid or not.RBIAt the same time, in YES bank, the regulator found that the bank did not meet the minimum balance requirements in savings accounts. The bank opened some internal accounts with zero balance in the name of customers. This action has been taken in view of the lack of regulatory compliance.RBI Action on BanksIts purpose shall not affect the validity of any transaction or contract entered into by the bank with its customers. Both banks have been in trouble recently. Both icici bank and Yes bank are leading private sector banks in India. However, these two banks have data-faced some challenges recently.Reserve bank of IndiaICICI bank data-faces non-performing loans (NPAs), governance concerns and technical glitches. At the same time, YES bank is facing problems like financial crisis and customer migration. However, both the banks have taken several steps to overcome these challenges.