RBI Fines SBI, BoB, Corporation Bank and Union Bank Of India For Violation Of Norms



The Reserve Bank Of India (RBI) has imposed a monetary penalty on Bank of Baroda (BoB), Corporation Bank, State Bank of India (SBI) and Union Bank Of India for non-compliance of various directions issued by the central bank.

In an order dated January 31, RBI said it has imposed monetary penalty on Bank of Baroda, Corporation Bank, SBI, Union Bank of India for non-compliance with directions issued by RBI on monitoring of end use of funds, exchange of information with other banks, classification and reporting of frauds, etc. According to the press release, Corporation Bank has been fined Rs 2 crore, while BoB, SBI and Union Bank Of India were fined Rs 1 crore each.


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