Mumbai: The Reserve Bank has imposed a total penalty of ₹3 crore on three state-run banks of Union Bank of India, Bank of India and Bank of Maharashtra for delay in detection and reporting of fraud in some accounts. The central bank in three separate releases Friday said it has imposed a penalty of ₹1 crore each on the three banks of Union Bank of India (UBI), Bank of India and Bank of Maharashtra. The penalty has been imposed taking into account delay on the part of the bank to detect and report fraud in an account, it said. “This is to inform that Reserve Bank has imposed a penalty of ₹10 million on the bank for delay in detection and reporting of fraud. The penalty has been imposed in exercise of powers vested in RBI under ...Banking Regulation Act,” Union Bank of India said in a regulatory filing Friday.

Source: Mint September 07, 2018 18:22 UTC