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Banking And Finance
Rs5 crore RBI penalty on Karur Vysia Bank
MUMBAI: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs50 million (Rs5 crore) on Karur Vysya Bank Ltd for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms, reporting of frauds, and on need for discipline at the time of opening of current accounts through an order issued on September 25, 2018, an RBI release said.
“This action is based on 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,” the RBI statement clarified.
Written By
CL Jose
Editor at Business Benchmark NewsHave been in the financial media since the early 90s, starting with Financiall Express in Mumbai. Worked in Mumbai editions of Business Standard and Observer of Business and Politics. I spent most of my journalistic career in the GCC - Saudi Arabia, Oman and UAE with various business newspapers, mostly covering banking and finance.
