Case Brief
On August 30, 2018, the Reserve Bank of India imposed a monetary penalty of ₹10 million (₹1 crore) on Bank of India. RBI said the bank contravened instructions in its Master Circular on Fraud – Classification and Reporting, specifically citing delay in reporting fraud in certain accounts. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 Cr
- Entity Type
- Bank
- Action Type
- Monetary penalty
- Order Date