Friday, March 29

Tag: penalty

Mumbai-based Fino Payment Bank Fined with Rs 1 Crore by the RBI
INDIA

Mumbai-based Fino Payment Bank Fined with Rs 1 Crore by the RBI

The newly licensed payments bank based in Mumbai called Fino Payment Bank has been fined with an amount of Rs 1 crore by the Reserve Bank of India (RBI). Following this move, the payments bank was required to stop all its account opening activities. The RBI found out that there were few accounts with the bank with deposits in excess of Rs 1 lakh, which goes against the licensing criteria of a payments bank. “The Reserve Bank of India (RBI) has, on October 31, 2018, imposed a monetary penalty of Rs 1 crore on Fino Payments Bank Limited (the bank) for contravention of the direction to stop opening of new accounts until further instructions…,” said the regulator. A Fino Payments Bank spokesperson stated that the RBI has directed Fino Payments Bank to put in place appropriate process to a...
Chinese Search Engine Baidu to Pay USD 4.9 Lakh For Unfair Competition
CHINA

Chinese Search Engine Baidu to Pay USD 4.9 Lakh For Unfair Competition

A court in Shanghai has ordered Chinese search engine Baidu to pay 3.23 million yuan (USD 490,000) to a Shanghai company for unfair competition. In April, Shanghai Hantao Information Consultancy Co. Ltd, operator of Dianping.com, sued Baidu and another online company Jietusoft, for copying comments and business information from Dianping.com onto Baidu's online applications and Jietusofts online map service, which caused huge losses to Dianping.com. Hantao demanded over 90 million yuan in compensation. The Pudong District Peoples Court yesterday ruled that Baidus action has decreased the number of Dianping.coms users and directed the flow to its apps, which has not only caused losses to Dianping.com, but also violated the principles of business ethics and honesty, state-run Xinhua ...