RBI imposes penalty on seven public sector banks for violating norms

Reserve Bank of has India
imposed a penalty ranging
between one to two crore
rupees on seven public sector
banks for violating norms on
fraud classification, bill
discounting and monitoring
of end use of funds.

The central bank said in a
press release that Bank of
Baroda, Bank of India, Indian
Overseas Bank and Union
Bank of India were fined 1.5
crore rupees each, while
Allahabad Bank and Bank of
Maharashtra were penalised
2 crore rupees each. Oriental
Bank of Commerce was
penalised with 1 crore rupees.