Mumbai: Reserve Bank of India has imposed a penalty of Rs 2 crore on Allahabad Bank.
The Reserve Bank of India (RBI), in exercise of powers conferred under Section 47 (A) (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949 has imposed a penalty on the Bank for non compliance of directions / circulars issued by RBI on "Code of Conduct for Opening and Operating Current Accounts", the bank said in a filing with BSE.
"Discounting / Rediscounting of Bills by Banks", "Reserve Bank of India (Frauds classification and reporting by commercial Banks and select Fis) directions 2016" in the matter pertaining to Rotomac Group Companies, it said.
The Bank has taken necessary measures for ensuring compliance of said RBI directions.
Considering the size of the Bank, the amount of penalty will not have a material impact.
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Mr. Ujjwal Samrat is an English Editor who is a graduate in Journalism and Mass Communication from Lovely Professional University, Punjab. He has a vivid experience in reporting and writing for print as well, as he was an intern of the Hindustan Times, Chandigarh. He also got the experience of editing and writing from the web during his internship tenure with Hindustan Times, Chandigarh. During the college, he has won many writing contests includ ... Read More.