RBI Cracks Down: Equitas Small Finance Bank and India Post Payments Bank Hit with Hefty Fines for Regulatory Failures

The Reserve Bank of India (RBI) has imposed significant penalties on Equitas Small Finance Bank and India Post Payments Bank for regulatory non-compliance. Equitas Small Finance Bank faces a hefty fine of ₹65 lakh for failing to adhere to guidelines regarding foreclosure charges and agricultural loan provisions. Meanwhile, India Post Payments Bank has been penalized ₹26.70 lakh for shortcomings in customer service compliance. These actions underscore the RBI's commitment to enforcing regulatory standards within the banking sector. 

 

Source: Economic Times, Latestly, Business Standard