RBI imposes Rs10 mn penalty on 3 public sector banks

MUMBAI: The Reserve Bank of India (RBI) has imposed monetary penalty of Rs10 million (Rs1 crore) on three nationalized banks – Union Bank of India (UBI), Bank of India (BOI) and Bank of Maharashtra taking into account delay on the part of the banks to detect and report fraud in an account. However, the details of the account have not been given. The RBI has invoked the Circular on Fraud – Classification and Reporting issued by it to impose this penalty.