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RBI Has Imposed the Fine to the Major Government’s Banks of India

Major governments like Allahabad Bank and Bank of Maharashtra and have been imposed the fine Rs 2 crore and Bank of Baroda, Bank of India, Indian Overseas Bank and United Bank of India have been fined of Rs 1.5 crore each, while Oriental Bank of Commerce has been imposed with a penalty of Rs 1 crore.

As per the PTI, The Reserve Bank of India (RBI) has, by an order dated July 31, 2019, imposed monetary penalty on seven banks for non-compliance with certain provisions of directions issued by RBI on ‘Code of Conduct for Opening and Operating Current Accounts’,” RBI said in a release said the penalties have been imposed in exercise of powers vested in the central bank under the provisions of the Banking Regulation Act, 1949.

This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers,” the regulator added.

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