RBI Slaps Rs 5 Crore Penalty On Karur Vysya Bank

The Reserve Bank of India has imposed a penalty of Rs 5 crore on Karur Vysya Bank for non-compliance of its directives. According to RBI statement, the penalty was imposed for non-compliance with its directions on “Income Recognition and Asset Classification (IRAC) norms, reporting of frauds, and on the need for discipline at the time of opening of current accounts”.