Case Brief
What Happened
By an order dated May 17, 2024, RBI imposed a monetary penalty on Yes Bank Ltd. after supervisory inspection findings showed non-compliance with its directions on customer service and unauthorized operation of internal/office accounts. The bank had levied minimum-balance charges on certain savings accounts with insufficient or zero balance and had opened and operated internal accounts for unauthorized purposes, including parking funds and routing customer transactions. The penalty was imposed under sections 47A(1)(c) and 46(4)(i) of the Banking Regulation Act, 1949.