RBI slaps monetary penalty on Central Bank of India

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RBI slaps monetary penalty on Central Bank of India for non-compliance

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RBI added that this action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

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The Reserve Bank of India (RBI) on Friday said that it has imposed a monetary penalty of Rs 36 lakh on Central Bank of India for non-compliance with certain directions of the central bank. 

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The order was issued on April 18, 2022. 

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Customer Protection-Limiting Liability of Customers in Unauthorised Electronic Banking Transactions', it said in a statement

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RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) and section 51(1) of the Banking Regulation Act, 1949.

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CBI was conducted by the central bank with reference to its financial position as of March 31, 2020.