RBI imposes penalties on banks pertaining non compliance of certain norms
By MYBRANDBOOK
The Reserve Bank of India (RBI) said that it has imposed a monetary penalty on Bank of India (BOI) and Karnataka Bank.
According to the regulator, the BOI faced penalty of five crore rupees because of non-compliance with certain norms pertaining to the provisions of the directions issued by it on "Income Recognition, Asset Classification and Provisioning pertaining to Advances-Divergence in NPA accounts", "Opening of current accounts by banks -- Need for discipline", and "Classification and reporting of frauds".
In another case, a penalty of Rs 1.20 crore was imposed on Karnataka Bank for non-compliance with certain provisions of directions issued by it on "Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances-Divergence in NPA Accounts" and "Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances".
Similarly, a fine of Rs 30 lakh has been imposed on Saraswat Cooperative Bank for non-compliance with the directions issued by the RBI on "Income Recognition and Asset Classification (IRAC) norms", the RBI said in a statement.
The RBI also announced to extend the special directions issued to Pune-based Rupee Co-operative Bank till August 31. The RBI had imposed restrictions on the bank in February 2013 following deterioration in its financials.
BREAKING NEWS
TECHNO TRENDS
InterGlobe’s Rahul Bhatia and C.P. Gurnani together announce
In a move that is set to transform the AI landscape, Rahul Bhatia, Group M...
Download masked Aadhaar to improve privacy
Download a masked Aadhaar from UIDAI to improve privacy. Select masking w...
Sterlite Technologies' Rs 145 crore claim against BSNL rejecte
An arbitrator has rejected broadband technology company Sterlite Technolog...
ID-REDACT® ensures full compliance with the DPDP Act for Indi
Data Safeguard India Pvt Ltd, a wholly-owned subsidiary of Data Safeguard ...
E-Magazine
TECHNOTAINMENT
Salman Khan trolled for singing with B Praak at Anant Ambani's
To celebrate Mukesh Ambani's youngest son Anant Ambani’s 29th birthday
Disney+ Hotstar wins the Best OTT Platform of the year
Film Critics Guild and Group M Motion Entertainment, in collaboration with
MOVERS & SHAKERS
SISL elevates Ankita Wadhawan as CEO—End User Computing
The IT service provider, SISL in a LinkedIn post announced the elevation
InfoVision appoints Radhika Venkatraman to its Advisory Board
Global digital services company, InfoVision has announced the appointment
OPEN YOUR EYES
INTERVIEWS
HPE’s transformation into an edge-to-cloud company is its un
Hewlett Packard Enterprise (HPE) is driving towards one customer experience
Acuutech continues to focus on innovation, customer focus and
Acuutech with its strong partnership with Lenovo and Microsoft forayed into
HOT PICK
Canon India Introduces 4K Remote PTZ Camera Controller & 4K In
Canon India, a leading company in digital imaging solutions, further solidi
Dell Technologies launches the new consumer and gaming portfol
Dell Technologies has unveiled its newest line of AI-enabled consumer PCs
MAKE IN INDIA BRANDS
MICROMAX INFORMATICS LTD.
HP INDIA SALES PVT. LTD.
WIPRO LTD.
ATRIE TECHNOLOGY PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Madhabi Puri Buch
Madhabi Puri Buch is the chairperson of the securities regulatory body...
Technology Icons Of India 2023: Bharat Goenka
Bharat Goenka is the Managing Director of Tally Solutions. He is well ...
Technology Icons Of India 2023: Dr. P D Vaghela
Dr PD Vaghela serves as the Chairperson of Telecommunications Regulato...
PARTNER SPEAKERS
PSU
NIC bridging the digital divide and supporting government in eGovernance
The National Informatics Centre (NIC) is an Indian government departme...
GeM maintains transparency in online procurement of goods & services
Created in a record time of five months, Government eMarketplace is a ...
C-DAC keeps India ahead in IT & Electronics R&D space
Centre for Development of Advanced Computing (C-DAC) is the premier R&...
VIDEOS
Top 25 Brands
Value-Added Distribution
TECH DATA, A TD SYNNEX COMPANY
Tech Data Corporation was an American multinational distribution compa...
EXCLUSIVE NETWORKS SALES INDIA PVT. LTD.
Exclusive Networks is a globally trusted cybersecurity specialist hel...
INFLOW TECHNOLOGIES PVT. LTD.
Inflow Technologies is a niche player in the IT Infrastructure Distrib...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
