Multiple choice

A banking company fails to produce books, accounts and documents which it is bound to furnish under the provisions of RBI Act. What is the penalty as per Banking Law Amendment Act 2012?

  1. It can be fined up to Rs. 200000.

  2. It can be fined up to Rs. 5000.

  3. If offence continues, additional fine could be Rs. 50000.

  4. Both (1) and (3)

  5. Both (2) and (3)

Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

It can be fined up to Rs. 200000 and if offence continues, additional fine could be Rs. 50000.