Current Affairs

RBI slapped 11 Banks with Rs 8.50 Crore Fine

Current context: RBI has fined an aggregate penalty of Rs 8.50 crore on 11 banks for non-compliance of RBI’s directions.
RBI slapped 11 Banks with Rs 8.50 Crore Fine 
  • The banks are fined for violating provisions of RBI norms on “frauds classification and reporting by commercial banks and select Financial Institutions”.
  • The monetary penalty is imposed on the Oriental Bank of Commerce (Rs 1.5 crore), Indian Overseas Bank, Punjab & Sind Bank, United Bank of India and UCO Bank (Rs 1 crore each), Bank of Baroda, Federal Bank, Corporation Bank, Punjab National Bank, Jammu & Kashmir Bank and State Bank of India (Rs 0.5 crore each).
  • The RBI observed that the banks didn’t report fraud in the backdrop of Central Bureau of Investigation (CBI) criminal proceedings resulting in non-compliance with RBI’s directions.
  • The penalty was imposed after giving banks an opportunity to explain the cause of delay.

Question: 

Q.1 Recently RBI has fined 11 Banks for non-compliance with its direction of?
a. Fraud classification and reporting by core investment companies
b. Frauds classification and reporting by commercial banks
c. Frauds classification and reporting by NBFCs
d. Frauds classification and reporting by Small Finance Bank
RBI slapped 11 Banks with Rs 8.50 Crore Fine RBI slapped 11 Banks with Rs 8.50 Crore Fine Reviewed by Neha on August 06, 2019 Rating: 5

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