Mumbai: Reserve Bank of India (RBI) has imposed a fine of Rs 11 crore on seven public sector banks. The RBI has taken these actions in case of violation of different guidelines and rules. Both Allahabad Bank and Bank of Maharashtra were fined Rs 2-2 crore, Bank of Baroda, Bank of India, Indian Overseas Bank and United Bank of India, each with a fine of Rs 1.5 crore, while Oriental Bank of Commerce has been fined Rs 1 crore.
In a note, the RBI said that the Reserve Bank of India (RBI) has imposed a fine on seven banks for not complying with certain provisions of the Code of Conduct and directives issued by RBI for a current account as of July 31, 2019. It says that under the provisions of the Banking Regulation Act, 1949, the exercise of the powers vested in the central bank has been imposed.
The Apex Bank said it examined the accounts of a group of companies and found that the banks had failed to comply with the provisions of one or more of the instructions issued by it. Based on the findings of the inquiry, notices were issued to banks to explain why fines should not be imposed for not complying with the instructions. The RBI has imposed a fine of Rs 1 crore on Corporation Bank.
Petrol prices fall for third consecutive day, diesel stable, today's rate
Banks to remain closed for more than 10 days in August, see the full list here
