New Delhi, Oct 29 (TIWN) The Reserve Bank of India (RBI) on Tuesday imposed Rs 1 crore penalty on Bandhan Bank for non-compliance with promoter holding norms, contained in the licencing guidelines.

The bank was required to bring down the shareholding of its non-operative financial holding company in the bank in excess of 40 per cent of the total paid-up equity capital to 40 per cent within three years from the date of commencement of business of the bank.  However, as the bank failed to comply with the said licensing guidelines, a show cause notice was issued to the bank by RBI advising it to show cause as to why penalty should not be imposed for non-compliance with the said licensing guidelines.