Penalty on Bank of India The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.40 crore on Bank of India for non-compliance with certain directions issued by the central bank. The key areas of non-compliance include: Interest Rate on Deposits Customer Service in Banks Interest Rate on Advances Central Repository of Information on Large Credits (CRILC) – Reporting Membership of Credit Information Companies (CICs) Contravention of Credit Information Companies Rules, 2006 The RBI conducted Statutory Inspection for Supervisory Evaluation (ISE) of the bank with reference to its financial position as on March 31, 2021, and March 31, 2022, and found instances of…
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Source: https://currentaffairs.adda247.com/rbi-imposes-penalties-on-bank-of-india-and-bandhan-bank/amp/