RBI fines Bandhan Bank for not reducing promoter shareholding to 40%
RBI fines Bandhan Bank for not reducing promoter shareholding to 40% The penalty has been imposed in exercise of powers vested in the RBI under the provisions of the Banking Regulation Act, 1949 Current Affairs :The Reserve Bank of India (RBI) on Tuesday forced a punishment of Rs 1 crore on Bandhan Bank for not cutting down the advertiser shareholding to 40 percent. Bandhan MFI had acquired on a basic level widespread financial permit from the national bank in 2014 and began undeniable tasks as a bank from August 2015. RBI forced the punishment by virtue of inability to pare the shareholding of Bandhan Financial Holdings Ltd to 40 percent of its paid-up casting a ballot capital, inside three years from beginning of the matter of the bank, the loan specialist said in a BSE documenting. Bandhan Bank turned out with an IPO and got recorded in March 2018. The bank had as of late converged with Gruh Finance, which cut down the shareholding of the advertiser from 82.26 perce...