RBI imposes penalty of Rs. 1.62 crore on Indian Bank

The Reserve Bank of India (RBI) in exercise of powers conferred under Section 47A(1)(c) read with Sections 46 (4)(i) and 51(1) of the Banking Regulation Act, 1949, has imposed a monetary penalty of Rs.1.62 crore (Rupees One Crore and Sixty Two Lakh only) on the Bank for non-compliance with certain directions issued by RBI on 'Loans and Advances - Statutory and Other Restrictions', 'RBI [ Know Your Customer (KYC)] Directions, 2016' and 'RBI (Interest Rate on Deposits) Directions, 2016'.

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

Shares of Indian Bank was last trading in BSE at Rs. 431.90 as compared to the previous close of Rs. 420.80. The total number of shares traded during the day was 117697 in over 1846 trades.

The stock hit an intraday high of Rs. 434.40 and intraday low of 418.75. The net turnover during the day was Rs. 50134519.00.

Source : Equity Bulls

Keywords

IndianBank INE562A01011 RBI MonetaryPenalty