Money & Banking

RBI slaps ₹8.50-cr fine on 11 banks

Our Bureau Mumbai | Updated on August 05, 2019 Published on August 05, 2019

The RBI has slapped monetary penalty aggregating ₹8.50 crore on 11 banks for non-compliance with certain provisions of its directions on “frauds classification and reporting by commercial banks and select Financial Institutions”. The banks on whom the monetary penalty has been imposed are: Oriental Bank of Commerce (₹1.5 crore); Indian Overseas Bank, Punjab & Sind Bank, UCO Bank and United Bank of India (₹1 crore each); and Bank of Baroda, Corporation Bank, Federal Bank, Jammu & Kashmir Bank, Punjab National Bank and State Bank of India (₹0.5 crore each).

The RBI said its action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

Published on August 05, 2019
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