Taking strict action, the Reserve Bank of India (RBI) has imposed a heavy penalty on the state-owned bank Central Bank of India.
A fine of Rs 84.50 lakh has been imposed on the Central Bank of India by the RBI. This penalty has been imposed on the bank by the RBI for non-compliance of certain provisions.
Because of this RBI imposed penalty
Releasing an information from the Reserve Bank of India (RBI), it has been said that due to non-compliance of the rules related to the transaction, this fine has been imposed on the Central Bank of India by the RBI . However, this decision will not have any bad effect on the customers. The services provided by the bank to the customers will continue as before.
Fine was imposed on 25 May
Due to non-adherence to certain guidelines laid down by the Reserve Bank of India (RBI) in the Reserve Bank of India (Fraud Classification and Reporting by Commercial Banks and Select Financial Institutions) Directions, 2016 dated May 25 and the ‘Master Circular’, the Central Bank of India has been fined. RBI has taken this action after examining the risk assessment report and inspection report of the bank. The RBI observed that the instructions given by the Central Bank of India were not followed.
RBI also imposed penalty on Canara Bank
Let us tell you that last week, RBI had also imposed a fine of Rs 2 crore on Canara Bank. At the same time, during the last 24 hours, RBI has imposed fine on four co-operative banks including one government. A total fine of Rs 44 lakh was imposed on the co-operative bank by the RBI. Chennai-based Tamil Nadu State Co-operative Bank has been fined Rs 16 lakh. Apart from this, fine has also been imposed on Bombay Mercantile Co-operative Bank, Pune-based Janata Sahakari Bank and Baran Nagrik Sahakari Bank in Baran, Rajasthan.