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    RBI imposes penalty on seven public sector banks for violating norms

    Published on August 5, 2019

    Reserve Bank of India has imposed a penalty ranging between one to two crore rupees on seven public sector banks for violating norms on fraud classification, bill discounting and monitoring of end use of funds.

    The central bank said in a press release that Bank of Baroda, Bank of India, Indian Overseas Bank and Union Bank of India were fined 1.5 crore rupees each, while Allahabad Bank and Bank of Maharashtra were penalised 2 crore rupees each. Oriental Bank of Commerce was penalised with 1 crore rupees.

    RBI said in a release yesterday that a scrutiny was carried out in the accounts of the companies of a group and it was observed that the banks had failed to comply with provisions of one or more of the directions issued by RBI.

    In a separate release, the regulator said a fine of 1 crore rupees was levied on Corporation Bank for non-compliance of norms on cyber security framework as well as fraud classification and reporting.

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