RBL Bank shares rise as investors digest RBI action

RBL Bank Share Price NSE: RBL Bank shares will remain in focus on D-Street today after the Reserve Bank of India (RBI) imposed a penalty of Rs 2.27 crore for non-compliance with norms related to recovery agents on Monday.

RBL Bank Share Price NSE: RBL Bank shares will remain in focus on D-Street today after the Reserve Bank of India (RBI) imposed a penalty of Rs 2.27 crore. Pic: Reuters

RBL Bank Share Price NSE: RBL Bank shares traded in green on Dalal Street, trading in modest volumes, digesting the Reserve Bank of India (RBI) action. The counter opened at Rs 137.5. At 9:37 AM the RBL Bank stock gained by 0.60 or 0.44 per cent to Rs 137.7 apiece on NSE.

RBI imposed a penalty of Rs 2.27 crore for non-compliance with norms related to recovery agents on Monday.

RBI in a statement said that the penalty has been imposed for non-compliance with certain provisions of the directions issued by it on 'Internal Ombudsman Scheme, 2018', 'Fair Practices Code for Lenders', 'Credit Card Operations of Banks', 'Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks' and 'Recovery Agents engaged by Banks'.

However, RBI added that the penalty is based on the deficiencies in regulatory compliance observed relating to the period fiscal 2018-19 to 2021-22 and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.