RBL Bank fined ₹2.27 cr for non-compliance with RBI's directions

RBI has imposed a fine of ₹2.27 crore on RBL Bank for not complying with certain provisions of RBI's directions on the internal ombudsman scheme, fair practices code and recovery agents engaged by banks, among others. RBI said it noticed "deficiencies in regulatory compliance" after it examined complaints received against RBL's recovery agents during the financial years 2018-19 to 2021-22.