• search
For Quick Alerts
For Daily Alerts

RBI slaps Rs 11 lakh fine on Yes Bank for violating money transfer norms


New Delhi, May 3: Yes Bank on Friday said the Reserve Bank of India has imposed a penalty of Rs 11.25 lakh on it for violating money transfer norms.


"(The) Reserve Bank of India (RBI) vide its speaking order dates April 22, 2019, imposed a penalty of Rs 11,25,000 under the Payment and Settlement Systems Act, 2007," Yes bank said in a regulatory filing.

[Finance Ministry says economic growth may have slowed in 2018-19]

The RBI has identified certain violations of its circular of 2011 on Domestic Money Transfer - Relaxations and master directions issued in October 2017 on issuance and operation of prepaid payment instruments in connection with certain product features for an open loop prepaid card (co-branded) previously issued by the bank, Yes Bank said.

The bank said it had launched this product as a pilot programme from September 13, 2017, and, later, discontinued this product with effect from March 14, 2018, it said. Shares of Yes Bank closed 1.04 per cent up at Rs 175.60 apiece on the BSE.


For Daily Alerts
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more