New Delhi (India): The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on Bandhan Bank Limited.  A statement by the RBI read, "The Reserve Bank of India (RBI) has, by an order dated October 29, 2019, imposed a monetary penalty of Rs 1 crore on Bandhan Bank Limited for non-compliance with the guidelines on promoter holding contained in 'Guidelines for Licensing of New Banks in Private Sector' dated February 22, 2013 (licensing guidelines) read with the conditions imposed by RBI in exercise of powers under section 22 of the Banking Regulation Act, 1949 (the Act) at the time of issuing banking licence to the bank." 

This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A (1)(c) read with Section 46 (4)(i) of the Act, taking into account the default committed by the bank in complying with the licensing guidelines and conditions, the statement added.