RBI slaps Rs 1 cr penalty each on three public sector banks

Mumbai: The Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore each on three public sector banks for non-compliance with its directions on “Fraud – Classification and Reporting”.

According to the RBI, the penalty was imposed individually on all the three banks — Bank of Maharashtra, Bank of India, Union Bank of India — on August 30, 2018.

The apex bank took into account the delay on the part of these banks in reporting fraud in certain accounts.

This post was last modified on September 8, 2018, 7:51 am