Current Affairs Economy & Banking

Category : Economy & Banking

The Reserve Bank of India has imposed a collective penalty of Rs 11 crore on 7 public sector banks. The penalty has been imposed for non-compliance with certain provisions of directions issued by RBI on ‘Code of Conduct for Opening and Operating Current Accounts.

The penalties on 7 banks are as follows: Allahabad Bank and Bank of Maharashtra have been imposed with a penalty of Rs 2 crore each. Bank of Baroda, Bank of India, Indian Overseas Bank and United Bank of Indiahave been imposed with a penalty of Rs 1.5 crore each. Oriental Bank of Commerce has been imposed with a penalty of Rs 1 crore.

RBI has also imposed a fine of Rs 1 crore on Corporation Bank for non-compliance of norms related to cyber security framework for banks, frauds classification and reporting.

Source: The Live Mint