Current Affairs - Banking - Discussion

Discussion Forum : Banking - Latest Current Affairs (Q.No. 1647)

2019-02-12 Banking

1647.

Which bank has been penalized with Rs 1.5 crore for not monitoring fund use and fraud reporting delay?

Canara Bank

Andhra Bank

Allahabad Bank

Corporation Bank

Answer: Option

Explanation:

Allahabad Bank said the Reserve Bank of India (RBI) has imposed a penalty of Rs 1.5 crore on them for not monitoring end use of funds, delay in classification and reporting of fraud and non-adherence with RBI guidelines during restructuring of accounts in respect of one of its borrowers.