Module: General Practice
Q5: Which of the following statements regarding the penalty appeal process are correct?
Appeals against a penalty must be made to the Regional Director, within one month from the date of the penalty debit.
Penalty waiver requests must be submitted exclusively via an application in the CyM-CC portal.
An appeal for a waiver will not be considered on the grounds, that the staff involved were new or untrained.
An appeal will be considered if the bank proves that corrective action has been taken, even if staff were untrained.
Penalty waiver requests must be submitted exclusively via an application in the CyM-CC portal.
An appeal for a waiver will not be considered on the grounds, that the staff involved were new or untrained.
An appeal will be considered if the bank proves that corrective action has been taken, even if staff were untrained.
✅ Correct Answer: A
The RBI Scheme of Penalties mandates that appeals must be filed via the CyM-CC portal within one month.
Crucially, the scheme does not accept "new or untrained staff" or "corrective action taken" as valid grounds for waiver, making statement 4 incorrect.
Crucially, the scheme does not accept "new or untrained staff" or "corrective action taken" as valid grounds for waiver, making statement 4 incorrect.