RBI imposes monetary penalty on Bank of India

RBI

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RBI

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RBI

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RBI

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RBI

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RBI

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RBI

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RBI imposes monetary penalty on Bank of India

RBI

The Reserve Bank of India (RBI) has, by an order dated July 7, 2022, imposed a monetary penalty of ₹70 lakh on Bank of India

RBI

This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A

RBI

This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction

RBI

The Statutory Inspection for Supervisory Evaluation (lSE) of the bank was conducted by RBI with reference to bank

RBI

UCIC) to a large number of customers and failed to complete the process even within extended timelines.

RBI

n. After considering the bank’s reply to the notice and oral submissions made in the personal hearing

RBI

RBI directions was substantiated and warranted imposition of monetary penalty, to the extent of non-compliance with such directions.

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