The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 29,60,000 on Yes Bank Limited for non-compliance with certain directions issued by the apex court on ‘Financial Statements Presentation and Disclosures’.

The RBI also imposed a monetary penalty of Rs 50 lakh on Deutsche Bank AG, India for non-compliance with certain directions issued by it on ‘Creation of a Central Repository of Large Common Exposures-Across Banks’ read with ‘Central Repository of information on Large Credits (CRlLC) – Revision in Reporting’.

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The penalties on both the banks have been imposed in exercise of powers conferred on the RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

For Yes Bank, the RBI said that based on supervisory findings of non-compliance with its directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. “The bank did not disclose correct and complete information about customer complaints in its Annual Financial Statements for the financial year 2023-24.” The RBI said in a statement.

As for the Deutsche Bank AG, the RBI said based on supervisory findings of non-compliance with its directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.