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RBI penalised 12 Banks in Deccan Chronicle Holdings case

The Reserve Bank of India on 25 July 2014 penalised 12 banks in Deccan Chronicle Holdings Limited case. The penalty imposed...

Jul 26, 2014 15:24 IST
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The Reserve Bank of India on 25 July 2014 penalised 12 banks in Deccan Chronicle Holdings Limited case. The penalty imposed on these banks was of order 1.5 crore rupees.

These 12 banks are Andhra Bank; Axis Bank; Canara Bank; Corporation Bank; HDFC Bank; ICICI Bank; IDBI Bank; IndusInd Bank; Kotak Mahindra Bank; Ratnakar Bank; State Bank of Hyderabad; Yes Bank

The penalties were imposed by RBI in exercise of the powers vested in the RBI under the provisions of Section 47A (1) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

The penalties were imposed after RBI carried out the scrutiny of the loan and current account of Deccan Chronicle in these banks in 2013. In the scrutiny, RBI found that proper guidelines were not followed in advancing loan to the Deccan Chronicle group which defaulted to the extent of 4000 crore rupees.

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