Business

RBI penalises 11 banks for violations

The Reserve Bank of India (RBI) has imposed monetary penalty on 11 banks for non-compliance with certain provisions on fraud classification and reporting norms.

The fines, ranging from ₹50 lakh to ₹1.5 crore, were imposed by the central bank on Bank of Baroda, Corporation Bank, Federal Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Oriental Bank of Commerce, Punjab and Sind Bank, Punjab National Bank, State Bank of India, UCO Bank, and United Bank of India.

“It was observed that despite having been advised by RBI to report fraud in an account ‘immediately’ in the backdrop of Central Bureau of Investigation (CBI) having initiated criminal proceedings, the banks had delayed/ did not report fraud to RBI resulting in non-compliance with directions,” the banking regulator said.

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Printable version | May 28, 2020 9:56:41 PM | https://www.thehindu.com/business/rbi-penalises-11-banks-for-violations/article28826822.ece

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