Current Affairs - Banking - Discussion

Penalty of Rs.1.5 crore was fined on Bank of India over "non-compliance with RBI's (Reserve Bank of India) direction on frauds" in Rotomac group companies. The penalty amount was ordered to be paid within 14 days of receipt of RBI's order. Further 7 more banks were imposed penalty for violating norms. They are Allahabad bank (Rs.2 crore), Bank of Maharashtra (Rs.2 crore), Indian Overseas Bank ( RS.1.5 crore), Oriental Bank of Commerce( Rs.1crore), Union Bank of India(Rs.1.4 crore), Bank of Baroda ( Rs.1.5 crore). Corporation bank was fine Rs.1crore for non-compliance with RBI directions on cybersecurity.