RBI imposes monetary penalty of Rs. 32 lakhs on Indian Bank

The Reserve Bank of India in exercise of powers conferred under Section 47A(1)(c) read with Section 46(4)(i) and Section 51(1) of the Banking Regulation Act, 1949 has imposed a monetary penalty of Rs.32.00 lakh (Rupees Thirty Two Lakh only) on the Bank for delay in submission of Flash Report for frauds involving amounts of Rs.5.00 crore (Rupees Five Crore) and above to the RBI as prescribed in paragraph 3.2.6 of Reserve Bank of India (Frauds, classification and reporting by Commercial Banks and select FIs) Directions, 2016.

The Bank has taken necessary preventive / comprehensive actions to avoid such recurrence in future.

Shares of Indian Bank was last trading in BSE at Rs. 174.75 as compared to the previous close of Rs. 178.00. The total number of shares traded during the day was 73766 in over 1925 trades.

The stock hit an intraday high of Rs. 179.65 and intraday low of 171.40. The net turnover during the day was Rs. 12892764.00.

Source : Equity Bulls

Keywords

IndianBank INE562A01011 MonetaryPenalty RBI