RBI imposes Rs 6 crore Penalty on Bank of India & PNB for Violation of Norms

Current GK ( Master) Banking Awareness

The Reserve Bank of India (RBI) has imposed monetary penalty aggregating to Rs 6 crore on Bank of India and Punjab National Bank for contravention of norms related to “Frauds Classification and Reporting”.
The penalty imposed on Bank of India is of Rs 4 crore and Rs 2 crore on Punjab National Bank.
The Bank of India has been fined for non-compliance with/contravention of directions, related to breach of stipulated transaction limits; delay in transfer of unclaimed balances to DEA Fund; delay in reporting a fraud to RBI and sale of a fraudulent asset
Similarly, Punjab National Bank is fined for non-compliance with/contravention of the aforesaid directions, viz., delay in reporting of frauds and not ensuring data accuracy and integrity while submitting data on CRILC platform/ to RBI.