Bank Of India: The Reserve Bank of India (RBI) on Wednesday said that it has imposed a penalty of Rs 1.4 crore on Bank of India (RBI Imposed Penalty) for not following certain regulatory norms.
RBI Action: Reserve Bank of India (RBI) on Wednesday said it has imposed a penalty of Rs 1.4 crore on Bank of India for non-compliance with certain regulatory norms. On Thursday, the share price of the bank had fallen to the level of Rs 128.25 after a fall of 8.52 percent. Even today investors will keep an eye on the company’s performance.
Fine imposed on this bank also
The Reserve Bank has also imposed a fine of Rs 29.55 lakh on private sector Bandhan Bank for non-compliance of certain instructions. Penalty imposed on Bank of India for non-compliance of RBI directions relating to violation of provisions of ‘Interest Rate on Deposits’, ‘Customer Service in Banks’, ‘Interest Rate on Loans’ and Credit Information Companies Rules, 2006 Is. Yesterday, the company’s shares closed at Rs 178.35 with a decline of 5.48 percent. Which is very close to the 52 week low level of Rs 175.30.
Meanwhile, the Reserve Bank also said that a penalty of Rs 13.60 lakh has been imposed on Indostar Capital Finance Ltd for non-compliance with certain provisions of ‘Monitoring of Frauds in NBFCs (Reserve Bank) Guidelines, 2016’ and KYC Directions . The Reserve Bank said that in all cases, the penalty has been imposed for deficiencies in regulatory compliance. It is not intended to affect the validity of any transaction or agreement entered into by entities with their customers.
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