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RBI penalty not to have any material impact: IDBI Bank

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IDBI is a state-run bank. IANS

State-run IDBI Bank on Thursday said a Rs 3 crore penalty imposed on it by the Reserve Bank of India (RBI) “will not have any material impact” on it. According to a BSE filing by IDBI Bank, the RBI imposed a Rs 3 crore penalty on it for non-compliance of ‘Income Recognition and Asset Classification’ (IRAC) norms.

Punjab National Bank's Mumbai branch is now under high scrutiny. Wikimedia Commons
RBI penalty will have little effects on banks. Wikimedia Commons

“This is to inform that the RBI vide letter dated April 10, 2018 has imposed a monetary penalty of Rs 30 million on the bank… for non-compliance with the directions issued by it on IRAC norms,” the filing made on Thursday said.

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“It is further clarified that the said penalty will not have any material impact on the bank.” IANS

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New Indian Traffic Rules 2019 – All That You Need to Know

Here's everything you need to know about the traffic rules in India, 2019

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Traffic rules
Under the new traffic rules, penalties for various offences while driving has increased.

Under the new traffic rules, fines for offenses such as driving without driving license or bike insurance policy, drunk driving, unauthorized use of vehicles and disobeying traffic laws have been dramatically increased. The stricter penalties have brought forth a range of reactions and opinions from the Media.

On one hand, the media is all about how road accidents and mishaps will reduce with the implementation of these laws. However, they are also on a diabolical situation on the enforcement of the strict punishments for road traffic violations. Let’s look at some of these penalties under the new Indian traffic rules 2019:

1. Driving Without License Penalty

Gone are the days when you could have just slipped a Rs 100 note to the traffic police for not driving without a license. Jumping a red light or talking on a mobile phone while driving could now set you back by a few thousand rupees. With the new traffic rules passed by Lok Sabha, you’ll be charged Rs 5000, if you are found steering without your driving license. By increasing the fine and penalties multiple, this new Act broadly seeks to bring in a standard shift in the driving practices of the vehicle owners in the country.

2.  Drink and Drive Penalty

The government of India brought changes in the Motor Vehicle Act and introduced a stiffer penalty on driving under the influence of alcohol. According to the new traffic rules, the drunk driving penalty has been increased from Rs 2000 to Rs 10,000 or 6 months of imprisonment for the first offense. If you are caught drunk driving for the second time, then you’ll either be charged Rs 15,000, or you’ll have to go to jail for two years.

3. Overloading of Two-Wheelers Penalty

Road accidents are majorly caused due to over speeding and overloading. You must have seen people tripling on a motorbike before. To prevent them from doing so, Parliament imposed rigid fines for traffic rules violation, people doing so will be charged with Rs 1000 for each extra passenger. Previously, there was no such penalty abided by the government. Also, if you are overloading your vehicle with goods and luggage, then you’ll be charged a penalty of Rs 20000 along with Rs 2000 for every extra ton. Previously this penalty was Rs 2000 along with Rs 1000 for every additional ton.

traffic rules
According to the new traffic rules, the drunk driving penalty has been increased from Rs 2000 to Rs 10,000 or 6 months of imprisonment for the first offense. Pixabay

4. Riding Without Helmet Penalty

Lately, people started taking a helmet as just another two-wheeler accessory. It is understood that riding a motorcycle gives riders a sense of freedom on the open road. However, there are serious dangers involved in riding without a helmet. The new traffic rules make sure that the offenders are taught a lesson and make sure that their mistake is corrected right on the spot. So, if you are caught sans helmet at police checkpoints, you will attract Rs 1,000 penalty and 3-month suspension of license. Along with that you will be directed to vendors selling helmets to get one immediately.

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5. Driving Without Insurance

In India, vehicle insurance is mandatory by law. It is a legal obligation for vehicle owners to have basic vehicle insurance coverage. A vehicle insurance policy, be it a car or a bike policy, also serves as a financial safety net that safeguards the vehicle owner against monetary loss due to accident or theft. If you are found without having your car or bike insurance policy, then you’ll be charged a penalty of Rs. 2000 or imprisonment up to 3 months or both for the first offense. For the second offence you’ll be charged a fine of Rs. 4000 or imprisonment up to 3 months or both. Stricter penalties will be charged if you are not wearing you a helmet along with not carrying your bike insurance policy.