RBI imposes Rs 11 cr fine on 7 PSBs for violating norms

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 India have 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.

Static/Current Takeaways Important For SBI Clerk Mains:

  • Governor of RBI: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

Source: The Live Mint

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