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India Post Payments Bank
The Reserve Bank of India (RBI) on Friday said it has imposed penalties on Equitas Small Finance Bank and India Post Payments Bank for deficiencies in regulatory compliances. In a statement, the RBI said it has imposed a penalty of Rs 65 lakh on Equitas Small Finance Bank for non-compliance with certain directions on 'Levy of Foreclosure Charges/Pre-payment Penalty on Floating Rate Term Loans' and 'Credit Flow to Agriculture -- Collateral free agricultural loans'. A penalty of Rs 26.70 lakh has been imposed on India Post Payments Bank Ltd for non-compliance with certain directions on 'Customer Service in Banks', it said in another statement. Further, a penalty of Rs 3.10 lakh has also been imposed on Aptus Finance India Pvt Ltd for contravention of certain provisions of norms related to non-banking financial company. In each of the three cases, the RBI said the penalties are based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any
India Post Payments Bank on Tuesday reported its first-ever operational profit of Rs 20.16 crore for 2022-23. The bank saw a 66.12 per cent growth in overall revenue. IPPB saw a 17.36 per cent increase in operating costs during the fiscal, a statement said. "IPPB... generated an operational profit of Rs 20.16 crore during 2022-23, culminating in a year of tremendous progress for the bank," the statement said. The bank's Managing Director and Chief Executive Officer J Venkatramu said initiatives like Jan Dhan Yojana, Aadhaar, and India Stack, along with regulatory push in the domain of financial inclusion contributed heavily to its success. "The bank's prudent financial management, backed by regulatory support, has paved the way for exponential growth in customer base and product offerings," he said. Going forward, IPPB aims to transform itself into a universal service platform, bridging last-mile accessibility gaps using Digital Public Infrastructure, the statement said. Prime .