{"id":850,"date":"2019-10-16T00:00:21","date_gmt":"2019-10-16T00:00:21","guid":{"rendered":"https:\/\/jobbinghood.com\/finance\/2019\/10\/16\/rbi-slaps-rs-1-crore-penalty-on-lvb-rs-75-lakh-fine-on-syndicate-bank-for-violating-norms\/"},"modified":"2019-10-16T00:00:21","modified_gmt":"2019-10-16T00:00:21","slug":"rbi-slaps-rs-1-crore-penalty-on-lvb-rs-75-lakh-fine-on-syndicate-bank-for-violating-norms","status":"publish","type":"post","link":"https:\/\/jobbinghood.com\/magazine\/2019\/10\/16\/rbi-slaps-rs-1-crore-penalty-on-lvb-rs-75-lakh-fine-on-syndicate-bank-for-violating-norms\/","title":{"rendered":"RBI slaps Rs 1 crore penalty on LVB, Rs 75 lakh fine on Syndicate Bank for violating norms"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<div class=\"article-image\">\n<figure><img fetchpriority=\"high\" decoding=\"async\" class=\"lazy lazy-hidden size-full wp-image-1735549\" src=\"http:\/\/www.financialexpress.com\/wp-content\/plugins\/a3-lazy-load\/assets\/images\/lazy_placeholder.gif\" data-lazy-type=\"image\" data-src=\"https:\/\/images.financialexpress.com\/2019\/10\/rbi-repo-rate.jpg\" alt=\"Reserve Bank of India, RBI, Lakshmi Vilas Bank, LVB, Income Recognition and Asset Classification, IRAC norms, Syndicate Bank, Lakshmi Vilas Bank \" width=\"660\" height=\"440\" srcset=\"\" data-srcset=\"https:\/\/images.financialexpress.com\/2019\/10\/rbi-repo-rate.jpg 660w, https:\/\/images.financialexpress.com\/2019\/10\/rbi-repo-rate-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2019\/10\/rbi-repo-rate-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2019\/10\/rbi-repo-rate-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><noscript><img decoding=\"async\" class=\"size-full wp-image-1735549\" src=\"https:\/\/images.financialexpress.com\/2019\/10\/rbi-repo-rate.jpg\" alt=\"Reserve Bank of India, RBI, Lakshmi Vilas Bank, LVB, Income Recognition and Asset Classification, IRAC norms, Syndicate Bank, Lakshmi Vilas Bank \" width=\"660\" height=\"440\" srcset=\"https:\/\/images.financialexpress.com\/2019\/10\/rbi-repo-rate.jpg 660w, https:\/\/images.financialexpress.com\/2019\/10\/rbi-repo-rate-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2019\/10\/rbi-repo-rate-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2019\/10\/rbi-repo-rate-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><\/noscript><span class=\"article-caption\">Penalty on LVB was imposed because of non-adherence to guidelines on certain IRAC norms<\/span><\/figure>\n<\/div>\n<p>The Reserve Bank of India (<a target=\"_blank\" href=\"http:\/\/www.financialexpress.com\/tag\/rbi\/\" rel=\"noopener noreferrer\">RBI<\/a>) has imposed a penalty of `1 crore on Lakshmi Vilas Bank (LVB) for non-adherence to certain provisions of Income Recognition and Asset Classification (IRAC) norms.<\/p>\n<p>In a disclosure to stock exchanges, LVB said the fine was imposed for non-adherence to guidelines on IRAC norms and divergence in respect of two non-performing assets accounts aggregating to `169.50 crore for the year ended March 2017.<\/p>\n<p>In a note, the RBI said, the statutory inspection of the bank with reference to LVB financial position as on March 2017 revealed non-compliance on IRAC norms. Based on the inspection report, a notice was issued to LVB, advising it to show cause as to why penalty should not be imposed on it for non-compliance with the directions.<\/p>\n<p>Watch video: What is RBI Repo Rate? Key monetary policy bank interest rate cut, increase explained<br \/><iframe class=\"lazy lazy-hidden\" data-lazy-type=\"iframe\" data-src=\"https:\/\/www.youtube.com\/embed\/XzU30OEbsts\" width=\"100%\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><noscript><iframe src=\"https:\/\/www.youtube.com\/embed\/XzU30OEbsts\" width=\"100%\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/noscript><\/p>\n<p>After considering reply of Lakshmi Vilas Bank to the notice and examination of additional submission, the RBI concluded that the aforesaid non-compliance warranted imposition of monetary penalty.<\/p>\n<p>In a similarly worded release, the central bank said a monetary penalty of `75 lakh has been imposed on Syndicate Bank for non-compliance with the directions issued by the RBI on frauds classification and reporting; innovative housing loan products wherein upfront disbursal of loans was done.<\/p>\n<p>(With inputs from PTI)<\/p>\n<div class=\"common-bottom-text\">\n<p>Get live <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Stock Prices<\/a> from BSE and NSE and latest NAV, portfolio of <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Funds<\/a>, calculate your tax by <a href=\"https:\/\/www.financialexpress.com\/income-tax-calculator\/\" target=\"_blank\" rel=\"noopener noreferrer\">Income Tax Calculator<\/a>, know market\u2019s <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-gainers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Gainers<\/a>, <a href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-losers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Losers<\/a> &amp; <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/equity-funds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Best Equity Funds<\/a>. Like us on <a href=\" https:\/\/www.facebook.com\/thefinancialexpress\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook<\/a> and follow us on <a href=\" https:\/\/twitter.com\/FinancialXpress\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>[ad_2]<br \/><\/p>\n<div class=\"jobbi-after-content-jh-placement jobbi-entity-placement\" id=\"jobbi-3093876119\"><div id=\"jobbi-3606421580\"><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-5862940809620110\" crossorigin=\"anonymous\"><\/script><ins class=\"adsbygoogle\" style=\"display:block;\" data-ad-client=\"ca-pub-5862940809620110\" \ndata-ad-slot=\"\" \ndata-ad-format=\"auto\"><\/ins>\n<script> \n(adsbygoogle = window.adsbygoogle || []).push({}); \n<\/script>\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>[ad_1] Penalty on LVB was imposed because of non-adherence to guidelines on certain IRAC norms The Reserve Bank of India (RBI) has imposed a penalty of `1 crore on Lakshmi Vilas Bank (LVB) for non-adherence to certain provisions of Income Recognition and Asset Classification (IRAC) norms. In a disclosure to stock exchanges, LVB said the [&hellip;]<\/p>\n","protected":false},"author":348,"featured_media":851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"_links":{"self":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/users\/348"}],"replies":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/comments?post=850"}],"version-history":[{"count":0,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/850\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media\/851"}],"wp:attachment":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media?parent=850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/categories?post=850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/tags?post=850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}