RBI Imposes Fine Of Rs 50 Lakh - Rs 2 Crore On 14 Banks
The Reserve Bank of India on July 6 imposed a monetary penalty on 14 Banks, considering the deficiencies in regulatory compliance under the Banking Regulation Act, 1949. However, the highest penalty of Rs 2 crore was imposed on the Bank of Baroda, whereas the lowest of Rs 50 lakh was imposed on SBI. Besides, the other 12 banks have to pay Rs 1 crore to the RBI.