Mumbai
The Reserve Bank of India (RBI) has imposed a penalty of Rs 10 lakh on Equitas Small Finance Bank for distributing mutual fund, insurance and wealth management without taking prior regulatory approval.
“The bank reported having undertaken the activity of rolling out Mutual Fund units, Pension products, Insurance products and portfolio management services without obtaining prior approval of RBI,” the banking regulator said in a statement.
Speaking to The Hindu on the issue, PN Vasudevan, managing director, Equitas SFB said the bank has now taken approval from RBI to sell such products. (End)
