RBI imposes INR 1 crore penalty each on three public sector banks

RBI has imposed a penalty of Rs 1 crore each on three public sector banks for non-compliance.

The Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore each on three public sector banks for non-compliance with its directions on "Fraud - Classification and Reporting".

According to the RBI, the penalty was imposed individually on all the three banks -- Bank of Maharashtra, Bank of India, Union Bank of India -- on August 30, 2018.

The apex bank took into account the delay on the part of these banks in reporting fraud in certain accounts.