RBI fines Federal Bank for violating regulatory norms

11 Jul 2022 , 09:15 AM

RBI imposed the penalty for non-adherence with the provisions of Reserve Bank of India (financial services provided by banks) Directions, 2016. Federal Bank failed to ensure that no incentive (cash or non-cash) was paid to its staff engaged in insurance broking/corporate agency services by the insurance company. The private lenders standalone net profit rose 13.13% to Rs 540.54 crore on 2.72% increase in total income to Rs 3948.24 crore in Q4 FY22 over Q4 FY21. Federal Bank operates through four segments: treasury, corporate or wholesale banking, retail banking and other banking operations. The bank has 1282 branches, 1885 ATMs/recyclers as on 31st March 2022. Shares of Federal Bank rose 0.41% to Rs 97.40 on Friday, 8 July 2022. Powered by Capital Market – Live News