The Reserve Bank of India (RBI) just hit Indian Bank with a ₹1.61 crore penalty for—you guessed it—not following regulations. Somewhere, a compliance officer is probably updating their resume right now.
Indian Overseas Bank Pays Up ₹63.60 Lakh for Non-Compliance
Indian Overseas Bank (IOB) wasn’t spared either. They’re coughing up ₹63.60 lakh for failing to stick to the rulebook. One small slip, one big dent in the wallet. Lesson: read the fine print.
Mahindra & Mahindra Financial Services Caught in RBI’s Net Too
Not just banks! RBI also penalized Mahindra & Mahindra Financial Services for compliance lapses. If even M&M isn’t safe, smaller players might want to double-check everything…like, yesterday.
RBI Sends a Loud Message: “Follow the Rules or Pay the Price”
RBI isn’t playing games. These penalties aren’t just about the money—they’re a warning shot: mess up your compliance, and you’ll be paying fines instead of dividends.
Banks and NBFCs Beware: Compliance Just Got Very Expensive
At this rate, 2025 might be the year compliance officers become the real MVPs. Next big hiring spree? Regulatory nerds with a side of paranoia.