RBI Imposes Rs 2.20 Crore Penalty on Indian Overseas Bank for Rule Violations

RBI Imposes Rs 2.20 Crore Penalty on Indian Overseas Bank for Rule Violations

Daily Current Affairs / RBI Imposes Rs 2.20 Crore Penalty on Indian Overseas Bank for Rule Violations

Change Language English Hindi

Category : Business and economics Published on: June 07 2023

Share on facebook

The Reserve Bank of India (RBI) has announced that it has imposed a monetary penalty of Rs 2.20 crore on Indian Overseas Bank (IOB) for various rule violations.
The penalty was imposed because the bank failed to transfer the mandatory minimum amount of 25 percent of its disclosed profit for the year 2020-21 to its reserve fund.
This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and 51 (1) of the Banking Regulation Act, 1949.
The RBI also found that the bank offered interest rates on deposits of non-individual customers that were applicable to senior/super senior citizens in certain cases.
Furthermore, the bank did not implement control measures for ATMs regarding the encryption of communication between the ATM terminal/PC and the ATM Switch within the prescribed timelines.

Recent Post's

All of the world’s top 40 most polluted cities are in India with Sri Ganganagar (Rajasthan) and Siwani (Haryana) topping the list with hazardous AQI levels.
Read More....
President Droupadi Murmu creates history as the first Indian President to fly in a Rafale fighter jet, showcasing India’s advancing defence power.
Read More....
Coal Minister G. Kishan Reddy launches the 14th commercial coal mine auction along with digital portals to boost transparency, innovation, and efficiency in India’s coal sector.
Read More....
Cameroon’s 92-year-old President Paul Biya secures a disputed eighth term amid violence and fraud allegations.
Read More....
Chef Sanjeev Kapoor honoured among the world’s Top Agri-Food Pioneers 2025 for promoting sustainable, healthy and locally sourced food.
Read More....
James Anderson honoured with knighthood by Princess Anne for his legendary cricketing career.
Read More....
United States tops the Global Firepower Index 2025, with India ranked 4th among the world’s most powerful militaries.
Read More....
Scientists discover Whiteia anniae, a 249-million-year-old ancient fish species, marking the first record of the genus Whiteia in Asia.
Read More....
HAL and Russia’s UAC have joined forces to manufacture the SJ-100 passenger aircraft in India, marking a new era in indigenous civil aviation.
Read More....
South Korea honours Donald Trump with its highest civilian award, the Grand Order of Mugunghwa, for his role as a “peacemaker” on the Korean Peninsula.
Read More....