RBI imposes monetary penalty of Rs. 29.55 lakh on ESAF Small Finance Bank Ltd

The Reserve Bank of India (RBI), by order dated January 05, 2024 and press release dated January 12, 2024, has imposed a monetary penalty of ₹29.55 Lakh (Rupees Twenty Nine Lakh and Fifty Five Thousand only) on ESAF Small Finance Bank Limited (the bank) for non-compliance with the directions issued by RBI on 'Customer Service in Banks'.

This 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.

RBI has mentioned that the action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

The Bank has already initiated / taken corrective measures, as necessary, to align the operations/ procedures in line with the stipulations of the RBI.

Shares of ESAF Small Finance Bank Limited was last trading in BSE at Rs. 71.53 as compared to the previous close of Rs. 71.76. The total number of shares traded during the day was 316663 in over 2430 trades.

The stock hit an intraday high of Rs. 72.64 and intraday low of 71.20. The net turnover during the day was Rs. 22807574.00.

Source : Equity Bulls

Keywords

ESAFSmallFinanceBank INE818W01011 ESAFSFB RBI MonetaryPenalty