The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs.1.40 crore on Bank of India (BoI) for non-compliance with certain directions issued by it on ‘Interest Rate on Deposits’, ‘Customer Service in Banks’, ‘Interest Rate on Advances’, among others.

• The aforementioned monetary penalty is also for non-compliance with certain directions issued by the central bank on ‘Central Repository of Information on Large Credits (CRILC) - Revision in Reporting’, and ‘Membership of Credit Information Companies (CICs)’ and contravention of provisions of Credit lnformation Companies Rules, 2006 (ClC Rules).
• The RBI had conducted Statutory Inspection for Supervisory Evaluation (ISE) of the bank with reference to its financial position as on March 31, 2021 and March 31, 2022.