RBI slaps Rs 1 cr penalty each on three public sector banks

Mumbai: The Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore each on three public sector banks for non-compliance with its directions on “Fraud – Classification and Reporting”.

According to the RBI, the penalty was imposed individually on all the three banks — Bank of Maharashtra, Bank of India, Union Bank of India — on August 30, 2018.

The apex bank took into account the delay on the part of these banks in reporting fraud in certain accounts.

[source_without_link]IANS[/source_without_link]