Allahabad bank: RBI slaps £ 3.5-cr fence on Corcaich Bank, Allahabad Bank for flouting regulations

NEW DELHI: The Reserve Bank has imposed a gradual 3.5-penalty penalty for the State Lending Bank and Allahabad Bank for the breaking of normal variations.

"This is to tell us that the Indian Reserve Bank … has imposed a total penalty of £ 20 million on our bank due to some reductions in monitoring the final funding use and exchange of information with other banks in relation to one lender with some of the other banks, "said Bank Corporation in a Friday regulatory record.

The bank has already taken the necessary step steps to avoid such repetition, added to it.

Allahabad Bank said the RBI has put forward a 1.5-penalty penalty so that it does not oversee the final funding use, among other breaches.

"We need to tell you that the Bank of India … has filed a penalty of 1.5 crores for the bank to not monitor the use of a final financing, delays in the classification and reporting failed to comply with the RBI's instructions. Restructuring of accounts on one of the lenders, "said the bank in a regulatory record.

The penalty amount does not apply to the size of its & # 39; bank, he added.

The senior lender said that he has taken essential defensive steps to control inside to avoid such repetition.

Earlier this week, the regulator had placed penalties on the Axis Bank, UCO Bank and Syndicate Bank for the breakdown of normal variations.

The big penalties on those three lenders came to a crude of £ 5.20.

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