Current Affairs - Banking - Discussion

The Reserve Bank of India (RBI) imposed monetary penalty on DCB Bank and Jio Payments Bank for various rule violations. The central bank has imposed a penalty of Rs 22 lakh on DCB Bank for non-compliance with certain provisions on marketing/distribution of mutual fund/insurance etc. The 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.