Big action by Reserve Bank of India, fine of Rs 10 crore imposed on many banks including BOB
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Along with this, the Reserve Bank has taken strict action and dissolved the board of the cooperative bank. Its command has now come into the hands of the Reserve Bank. Heavy fine has also been imposed on five other co-operative banks. Taking action against all these banks, a total fine of Rs 10.34 crore has been imposed.
Reserve Bank of India has taken strict action against many Citi Bank, Bank of Baroda, Indian Overseas Bank. RBI has imposed penalty against these banks because these banks were violating the rules. RBI has imposed heavy fine on these banks.
Along with this, the Reserve Bank has taken strict action and dissolved the board of the cooperative bank. Its command has now come into the hands of the Reserve Bank. Heavy fine has also been imposed on five other co-operative banks. Taking action against all these banks, a total fine of Rs 10.34 crore has been imposed. This penalty has been imposed on Citibank, Bank of Baroda, Indian Overseas Bank. Among the three banks, the maximum penalty has been imposed on Citi Bank.
According to the information, a fine of Rs 5 crore has been imposed on City Bank, Rs 4.34 crore on Bank of Baroda and Rs 1 crore on Indian Overseas Bank. This information has been shared by the Reserve Bank. Let us tell you that the penalty imposed on Citibank has been imposed for confusion in the Banking Regulation Act 1949 and for not following the instructions of RBI. Monopoly According to a statement, the penalty has been imposed on Bank of Baroda for violating norms relating to the construction of central storage linked to the Lodge Bada exposure. Indian Overseas Bank has been fined for violating instructions related to loans and advances.
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