The Reserve Bank of India (RBI), by an order dated 7 July 2022, imposed a monetary penalty of Rs 5.72 crore on Federal Bank due to deficiencies in regulatory compliance.
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 lender's 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
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app