RBI Imposes Rs 1.45 Cr Penalty on Central Bank of India.

Banking & Finance

The Reserve Bank on Friday said it has imposed a penalty of Rs 1.45 crore on the Central Bank of India for non-compliance with certain directions related to 'loans and advances' and 'customer protection'. The RBI had conducted a statutory inspection for Supervisory Evaluation (ISE 2022) of the Central Bank of India with reference to its financial position as of March 31, 2022. A notice was issued to the bank, advising it to show cause as to why a penalty should not be imposed on it for its failure to comply with the directions, the RBI said.


      The bank sanctioned a working capital demand loan to a Corporation against amounts receivable from the government by way of subsidies.

      After considering the bank's response, the RBI found that charges against the bank were sustained.

     

 

     


Governor : Shri Shaktikanta Das

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