Reserve Bank of India (RBI) imposed a heavy fine on a public sector bank. If you are also a customer of CBI, Central Bank of India, you should read this news. For violating regulations related to protecting customers’ interests, the RBI fined the Central Bank of India Rs 36 lakh. According to the RBI, action against the bank was taken due to a lack of regulatory compliance.
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RBI imposed a heavy fine
RBI informed that it investigated it and issued a ‘show-cause notice to the bank, following which RBI made this decision. In fact, the central bank RBI is not satisfied with this answer. RBI said the CBI was not following the rules to protect the interests of its customers. RBI has responded by taking this action.
Detail of discussions of MPC released
The RBI has also released the details of the discussion held at the six-member meeting of the MPC from April 6-8. As mentioned here, the MPC decided at this meeting that the repo rate will remain unchanged. As such, let us inform you that, for the 11th consecutive time, MPC hasn’t changed the repo rate related to the cost of borrowing. In spite of rising inflation in the country, this decision was taken to accelerate the pace of economic growth.
According to the minutes of the meeting, the Governor of the RBI had said, ‘The situation is dynamic and changing rapidly.’ Every time we reevaluate the situation, we should be ready to take the appropriate steps.
Increase in inflation forecast
Also, the RBI raised its inflation forecast for the current fiscal year to 5.7 percent. Let us know that in February it was expected to be 4.5 percent. As a result, the RBI reduced its growth rate forecast for the current financial year from 7.8 percent to 7.2 percent. As a whole, in this meeting, the emphasis was on accelerating economic growth.
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