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The European Central Bank fined Goldman Sachs €6.63 million for violating the regulations on credit risk reporting and for understating its capital requirements for the years 2019, 2020, and 2021. The ECB said that the bank underreported risk-weighte

European Central Bank fines Goldman Sachs €6.6 million 

The European Central Bank fined Goldman Sachs &euro;6.63 million for violating the regulations on credit risk reporting and for understating its capital requirements for the years 2019, 2020, and 2021.&nbsp;

The European Central Bank (ECB) has fined US financial giant Goldman Sachs &euro;6.63 million ($7.2 million) for misreporting its capital needs, it said on Monday.
Goldman Sachs Bank was found to have "breached credit risk reporting rules" in 2019, 2020 and 2021, the ECB said in a statement.
"For eight consecutive quarters, the bank reported lower risk-weighted assets for credit risk than it should have done," it said.
In particular, Goldman Sachs "misclassified corporate exposures", the Frankfurt-based institution said.
"Deficiencies in internal controls prevented the bank from detecting this mistake in a timely manner," it added.
A spokesman for Goldman Sachs said the bank recognised the "critical importance of our regulatory reporting obligations" and had "taken all necessary steps to fully remediate this legacy issue".
"We have closely cooperated with the ECB throughout and are pleased to have resolved matters fully," the spokesman said.
Capital ratios are key indicators of a bank's strength and ability to absorb losses in the event of market turmoil.
The ECB tightened its supervision of such ratios after the 2008 financial crisis.
It recently said the move had made the European banking sector stronger in the face of fears of contagion over inflation-related struggles facing many US banks.

Aviation regulator DGCA on Saturday said it has imposed a fine of Rs 5 lakh on IndiGo airline for denying boarding to a child with a disability at Ranchi airport on May 7.
IndiGo had on May 9 said the boy was denied permission to board the Ranchi-Hyderabad flight as he was “visibly in panic”. As the boy was prohibited from boarding, his parents – who were accompanying him – also decided not to enter the plane.
The DGCA had on May 9 formed a three-member team to investigate the incident.
WATCH | IndiGo airline stops child with disability from boarding for 'panicking'; DGCA begins probe
"It has been observed that the handling of the special child by the Indigo ground staff was deficient and ended up exacerbating the situation," said a statement by the Directorate General of Civil Aviation (DGCA).
A more compassionate handling would have smoothened nerves, calmed the child and obviated the need for the extreme step resulting in denied boarding to the passengers, it mentioned.
Special situations deserve extraordinary responses but the airline’s staff failed to rise up to the occasion, and in the process, committed lapses in adherence to the letter and spirit of the Civil Aviation Requirements (regulations), it noted.
“In view of this, the competent authority in the DGCA has decided to impose a penalty of Rs 5 lakhs on the airline under the provisions of the relevant Aircraft Rules,” it mentioned. PTI DSP IJT

Indigo airlines fined Rs 5 lakh for denying boarding to child with disability

Aviation regulator DGCA&nbsp;found the handling of the child deficient

Aviation regulator DGCA on Saturday said it has imposed a fine of Rs 5 lakh on IndiGo airline for denying boarding to a child with a disability at Ranchi airport on May 7.
IndiGo had on May 9 said the boy was denied permission to board the Ranchi-Hyderabad flight as he was &ldquo;visibly in panic&rdquo;. As the boy was prohibited from boarding, his parents &ndash; who were accompanying him &ndash; also decided not to enter the plane.
The DGCA had on May 9 formed a three-member team to investigate the incident.
WATCH | <a href="https://www.editorji.com/india-news/indigo-airline-stops-child-with-disability-from-boarding-for-panicking-dgca-begins-probe-1652075968992" target="_blank">IndiGo airline stops child with disability from boarding for 'panicking'; DGCA begins probe</a>
"It has been observed that the handling of the special child by the Indigo ground staff was deficient and ended up exacerbating the situation," said a statement by the Directorate General of Civil Aviation (DGCA).
A more compassionate handling would have smoothened nerves, calmed the child and obviated the need for the extreme step resulting in denied boarding to the passengers, it mentioned.
Special situations deserve extraordinary responses but the airline&rsquo;s staff failed to rise up to the occasion, and in the process, committed lapses in adherence to the letter and spirit of the Civil Aviation Requirements (regulations), it noted.
&ldquo;In view of this, the competent authority in the DGCA has decided to impose a penalty of Rs 5 lakhs on the airline under the provisions of the relevant Aircraft Rules,&rdquo; it mentioned. PTI DSP IJT

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