The government will consider allowing higher fines on banks for not complying with regulatory guide lines amid concerns that the current penalty amounts may not act as effective deterrents for large organisations or repeat offenders. The Centre is open to reviewing the mechanism followed by the regulator by amending the Banking Regulation (BR) Act, 1949, and the Reserve Bank of India Act, 1934, said a senior government official.
"The current penalty amounts are low. We will discuss this matter with the regulator (RBI). We are open to the possibility of amending the relevant provisions," the official said requesting anonymity.
Under the RBI and BR Acts, penalties depend on the magnitude of the contravention. The fines range from â¹1 lakh to â¹1 crore, with additional penalties for continuing violations. Personal accountability can include imprisonment for 6 months to 5 years. For repeat or continuing violations, progressive penalties (daily fines) are levied.
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