The RBI on Friday said it has imposed a penalty of Rs 30 lakh on Karur Vysya Bank for non-compliance with certain provisions related to fraud classification and reporting by commercial banks.In a statement, the Reserve Bank said a Select Scope Inspection of the bank was conducted by it from Feb. 21, 2022, to March 4, 2022.An examination of the SSI report and all related correspondence pertaining to the same revealed that the bank failed to report a few accounts as frauds to the RBI within a week of the respective Joint Lenders’ Forum decisions to do so, the central bank said.In furtherance to the same, a notice was issued to Karur Vysya Bank, advising it to show cause as to why a penalty…
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Reserve Bank Of India Imposes Rs 30 Lakh Penalty On Karur Vysya Bank
