RBI imposed a fine of Rs 40 crore on banks and NBFCs, know the reason

RBI has imposed a fine of Rs 40.39 crore on banks, non-banking financial companies (NBFC), and other institutions in 2022-23 for violation of rules. Minister of State for Finance Bhagwat Karad said there are 176 cases related to cooperative banks, in which a penalty of Rs 14.04 crore has been imposed.

A fine of Rs 12.17 crore was imposed on private sector banks and Rs 3.65 crore on public sector banks (PSBs). A fine of Rs 4.65 crore was imposed on foreign banks and Rs 4.39 crore on NBFCs. Let us know the reason behind this.

Minister of State for Finance Bhagwat Karad said in the Lok Sabha on Monday that the government will achieve the fiscal deficit target of 5.9 percent of the gross domestic product (GDP) in the current financial year. He said that so far in the current financial year, the government has received revenue of about Rs 10,050 crore from disinvestment in various Central Public Sector Enterprises (CPSEs).

When he was asked what impact the delay in privatization would have on the government's fiscal deficit target in the current financial year. On this, he said that fiscal deficit depends on many factors like total expenditure and total non-debt receipts.

Minister of State for Finance Pankaj Chaudhary told the Lok Sabha on Monday that the Income Tax Department searched 2,980 business establishments and seized assets worth Rs 5,095.45 crore during four years. In 2019-20, 984 groups were searched and assets worth Rs 1,289 crore were seized. In 2020-21, 569 companies were searched and assets worth Rs 881 crore were seized.

In 2021-22, 686 groups were searched and assets worth Rs 1,159.59 crore were seized. During 2022-23, 741 groups were searched and assets worth Rs 1765.56 crore were seized and 97 people were prosecuted.

More than 7.40 crore people filed income tax returns in the financial year 2022-23. However, there was no tax liability of any kind on Rs 5.16 crore. Minister of State for Finance Pankaj Chaudhary told the Lok Sabha that the number of returns filed has increased in the last five years. The number of ITR filers increased from 6.28 crore in financial year 2018-19 to 6.47 crore in 2019-20 and 6.72 crore in 2020-21.

The number of returns filed in the financial year 2021-22 increased to more than 6.94 crore. The number of individuals whose tax liability was nil during the last four years has increased from 2.90 crore in the financial year 2019-20 to 5.16 crore in 2022-23.