RBI slaps a penalty on 7 Banks for violating norms

The Reserve Bank of India (RBI) imposed a penalty on 7 public sector banks for violating norms on Fraud Classification, Bill Discounting, and Monitoring of End-use of Funds.
The Central Bank fined Rs 1.5 crore on Bank of Baroda, Bank of India, Indian Overseas Bank and Union Bank of India. And, RBI imposes a penalty of Rs 2 crore on Allahabad Bank, Bank of Maharashtra.
The Oriental Bank of Commerce was penalized with Rs 1,00,00,000 by the apex regulators.
In a separate notice, RBI imposes fine of Rs 1,00,00,000 on Corporation Bank for Non-compliance of norms on the Cyber-security framework as well as Fraud Classification and Reporting.

Published On : 05 Aug 2019