Photo: NewsOnAIR

RBI Issues Monetary Penalty On Bank Of India For Violation Of KYC Regulations

Reserve Bank of India (RBI) announced a monetary penalty of Rs 70 lakh against Bank of India for violating Know Your Customer standards on July 8. "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. RBI issued a directive after considering the bank's reply. 

Fri, 08 Jul 2022 - 09:00 PM / by Vidhi Jhunjhunwala

Tags: RBI, Monetary Penalty, Bank of India, KYC, money transactions

Courtesy: ANI

Jaswant Singh Gajjan Majra

Photo: Telegraph India

CBI Searches MLA Jaswant Singh's Premises In Rs 40 Crore Bank Fraud Case: Punjab

In connection to a Rs 40 crore bank fraud case, Punjab AAP MLA Jaswant Singh Gajja Majra's premises were searched by CBI, on May 7. Reportedly, the searches were carried out at three locations in Sangrur district, with the location being his ancestral home. The move has come after a case was registered by Bank of India, reported PTI. Further information on the matter is awaited.

Sat, 07 May 2022 - 06:40 PM / by Shibu Immanuel S

Tags: Punjab, Sangrur, AAP, Jaswant Singh Gajjan Majra, CBI, Bank of India

Courtesy: Free Press Journal


Photo: Moneycontrol

Govt To Privatise 4 Mid Sized Banks - BOM, BOI, IOB & CBI

According to reports, the Union government is planning to privatise four mid-size state run banks to shore up revenues in the treasury. The shortlisted banks include Bank of Maharashtra, Bank of India, Indian Overseas Bank and Central Bank of India. In addition, the Centre aims to sell two of the selected banks in FY2021-22. However, the experts fear the divestment of tier-II banks might force thousands to lose their jobs.

Mon, 15 Feb 2021 - 07:03 PM / by Ronit John

Tags: Bank of Maharashtra, privatisation of banks, Bank of India, Indian overseas bank

Courtesy: The Economic Times