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RBI Slaps Rs 1 Crore Penalty On 3 Banks

The Union Bank of India, Bank of India and Bank of Maharashtra failed to detect and report fraud in certain accounts on time.

RBI Slaps Rs 1 Crore Penalty On 3 Banks
RBI Slaps Rs 1 Crore Penalty On 3 Banks
outlookindia.com
2018-09-08T11:55:25+0530

The Reserve Bank of India (RBI) on Saturday has imposed a monetary penalty of Rs 1 crore each on three Indian banks.

This decision came as the Union Bank of India, Bank of India and Bank of Maharashtra failed to detect and report fraud in certain accounts on time.

The RBI, in three separate releases, said it has imposed a penalty of Rs 1 crore each on three state-run banks.

According to its releases, the central bank on August 30 "imposed a monetary penalty of Rs 10 million" on the three banks for contravention of its instructions contained in Master Circular on Fraud - Classification and Reporting.

The penalty has been imposed in exercise of powers vested with the RBI under the provisions of Section 47A (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949 taking into account delay on the part of the bank to report fraud in an account, the release stated.

(ANI)

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