RBI imposes Rs 2.2 Cr Penalty on Indian Overseas Bank
PrintListen to this Article
0:00
0:00
Reserve Bank on Friday imposed a penalty of Rs 2.20 crore on state-owned Indian Overseas Bank (IOB) for non-compliance of income recognition and other deficiencies in regulatory compliance.
The fine is imposed for contravention of the provisions of certain directions issued by RBI on ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances – Divergence in NPA Accounts’, ‘Reserve Bank of India (Interest Rate on Deposits) Directions, 2016’ and Advisory on ‘Man in the Middle (MiTM) Attacks in ATMs’.
This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, RBI said. The statutory Inspection for Supervisory Evaluation of the bank (ISE 2021) was conducted by RBI with reference to its financial position as on March 31, 2021, it said.
The fine is imposed for contravention of the provisions of certain directions issued by RBI on ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances – Divergence in NPA Accounts’, ‘Reserve Bank of India (Interest Rate on Deposits) Directions, 2016’ and Advisory on ‘Man in the Middle (MiTM) Attacks in ATMs’.
This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, RBI said. The statutory Inspection for Supervisory Evaluation of the bank (ISE 2021) was conducted by RBI with reference to its financial position as on March 31, 2021, it said.
Category : RBI | Comments : 0 | Hits : 1359
The Supreme Court on Friday set aside the rejection of an IRS officer’s candidature for appointment as a member of the Income Tax Appellate Tribunal (ITAT), ruling that the involvement of the th...
The Reserve Bank of India (RBI) on Friday unveiled a set of liquidity-boosting measures aimed at infusing more than $23 billion (around ₹2 lakh crore) into the banking system, after review...
RBI has issued draft rules to tighten dividend payouts by banks by linking distributions to capital adequacy, asset and profit quality, setting a uniform prudential framework effective from FY27. In t...
Comments