Here’s to the missteps that reveal the truth
Recently, the Reserve Bank of India (RBI) imposed penalties on Indian Bank (₹1.60 crore), Indian Overseas Bank (₹63.60 lakh), and Mahindra & Mahindra Financial Services Ltd (₹71.30 lakh). At first glance, you might think just another round of fines. But look deeper.
This is not about money lost. It is about trust lost. It is about the future of financial institutions and whether they are ready for the world that is already here.
What Went Wrong?
Indian Bank failed to anchor certain floating rate loans to external benchmarks, demanded collateral improperly for Kisan Credit Card (KCC) and MSME loans, and delayed contributions to the Depositor Education and Awareness Fund (DEAF).
Indian Overseas Bank similarly overstepped collateral rules on agriculture and MSME loans.
Mahindra Finance did worse: failing to transparently disclose loan fees, seizing vehicles without offering a final repayment chance, and issuing multiple customer IDs, violating the UCIC norms.
Each of these is not just a technical error — it is a breakdown of trust, compliance, and customer centric thinking.
The Deeper Problem
The real problem is not just isolated slip ups. It is that many financial institutions are still reactive, not proactive. They are managing risk on paper, not in real time. In an interconnected world, that is like bringing a knife to a gunfight.
The Precautionary Steps Banks Must Take
We must think differently. We must build compliance into the DNA of every institution:
- Continuous Compliance Monitoring: Catch errors as they happen, not after.
- Policy Governance: Map every regulatory change instantly to real world workflows.
- Customer Centric Communication: Disclose every fee, every condition, with clarity and dignity.
- Unified Customer Data: A single, universal customer ID. No exceptions.
- Automated Regulatory Reporting: Never miss a deadline again. Not even once.
The Right Tool for a New Era: IBM OpenPages with Timus
Imagine a future where compliance is not a burden. It is your competitive advantage.
IBM OpenPages is the world’s leading integrated risk management platform. But a great tool is only as powerful as how you use it. That is where Timus steps in, implementation experts who make OpenPages work seamlessly inside your operations.
Together, they deliver:
- Real Time Policy Management: Regulatory changes mapped instantly.
- Loan Process Automation: Benchmarking, collateral rules, borrower communications automated, audited, assured.
- Data Governance: Enforce UCIC compliance across the board.
- Control Testing 24/7: See deviations in real time, not after the damage is done.
- Automated DEAF Tracking: Funds transferred on time, every time.
This is not patchwork compliance. This is proactive risk mastery.
The Real Lesson
The RBI did not just fine banks. It fired a warning shot for the entire sector.
You can no longer react. You must anticipate.
Solutions like IBM OpenPages with Timus’s expertise do not just help banks avoid penalties. They help institutions become the future — building trust, loyalty, and resilience in an increasingly transparent world.
Because in the end, it is not about avoiding fines.
It is about becoming the kind of institution the future demands.
Let us build that future starting now.
About us
We are Timus Consulting Services, a fast-growing, premium Governance, Risk, and compliance (GRC) consulting firm, with a specialization in the GRC implementation, customization, and support.
Our team has consolidated experience of more than 15 years working with financial majors across the globe. Our team is comprised of experienced GRC and technology professionals that have an average of 10 years of experience. Our services include:
- GRC implementation, enhancement, customization, Development / Delivery
- GRC Training
- GRC maintenance, and Support
- GRC staff augmentation
Our team
Our team (consultants in their previous roles) have worked on some of the major OpenPages projects for fortune 500 clients across the globe. Over the past year, we have experienced rapid growth and as of now we have a team of 15+ experienced and fully certified OpenPages consultants, OpenPages QA and OpenPages lead/architects at all experience levels.
Our key strengths:
Our expertise lies in covering the length and breadth of the IBM OpenPages GRC platform. We specialize in:
- Expert business consulting in GRC domain including use cases like Operational Risk Management, Internal Audit Management, Third party risk management, IT Governance amongst others
- OpenPages GRC platform customization and third-party integration
- Building custom business solutions on OpenPages GRC platform
Connect with us:
Feel free to reach out to us for any of your GRC requirements.
Email: [email protected]
Phone: +91 9665833224
WhatsApp: +44 7424222412
Website: www.Timusconsulting.com
