The Reserve Bank of India (RBI) has imposed, by orders dated January 31, 2019, monetary penalty for non-compliance with various directions issued by RBI on monitoring of end use of funds, exchange of information with other banks, classification and reporting of frauds, and on restructuring of accounts, on four banks as detailed below: | Sr. No. | Name of the bank | Amount of penalty
(in ₹ Million) | | 1. | Bank of Baroda | 10 | | 2. | Corporation Bank | 20 | | 3. | State Bank of India | 10 | | 4. | Union Bank of India | 10 | These penalties have been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account failure of the above banks to adhere to the aforesaid directions issued by RBI. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers. Ajit Prasad
Assistant Adviser Press Release : 2018-2019/1930 | |