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RBI slaps Rs 1 crore penalty each on three public sector banks

  •   Sat, Sep 08 2018 09:04:10 AM

Mumbai, Sep 8 (IANS): 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.
  

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Comment on this article

  • Rajnish Kumar, Patna

    Sun, Sep 09 2018

    Fraud reporting is itself is long process and take more than a year after reporting an account NPA. RBI penalty must have took its own time to impose on respective banks.
    The here point is why certain facts are not shown like loan section period, NPA since, nature of fraud etc?

    These facts will shut the month of people taking illogical.

    DisAgree Agree Reply Report Abuse

  • kumara, abu dhabi

    Sat, Sep 08 2018

    dongi's took no action against anybody, all helped looters and themselves looted and bought unknown losses to the exchequer, which could have been used for development.

    DisAgree [3] Agree [3] Reply Report Abuse

  • J N Lobo, Mumbai

    Sat, Sep 08 2018

    Most of the bank looters are allowed to loot and escape since last 4 years.

    DisAgree [2] Agree [4] Reply Report Abuse

  • Mangalurian, Mangaluru

    Sat, Sep 08 2018

    The RBI penalty achieves nothing.

    The funds in the possession of a Public Sector bank belongs to the Government. And not to the babus who are appointed by the Government.
    It is the babus who do not comply with the requirements. It is the babus who hand over thousands of crores to the friends of the Gujju-bhai.

    So, by imposing a penalty the babus are merely handing over the Government's money to another part of the Government: the RBI.

    But the friends of the Gujju-bhai are in Antigua and other countries.

    BTW, does anyone know which country the Ambanis and Adani are citizens of?

    DisAgree [1] Agree [10] Reply Report Abuse

  • Robotkem, Kemmannu

    Sat, Sep 08 2018

    ONLY THESE THREE BANKS!!!
    RBI should dig out the FRAUDS AND IRREGULARITIES during, before and after DEMONETIZATION??? Many branches can be trapped. RBI SHOULD ALSO BE HONEST AND SINCERE TO THE CITIZENS OF INDIA.

    DisAgree Agree [8] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Sat, Sep 08 2018

    From where will they pay.
    People have fled overseas with their Money ...

    DisAgree [3] Agree [23] Reply Report Abuse

  • sri_elder, Karkala

    Sat, Sep 08 2018

    Rbi doing excellent job under Modi government..

    Now it is time to bring out more secure currency notes... Few suggestions:-
    1. Include magnetic stripe which contains digitally signed with rbi key. Digital sign vary for different notes. It should consider notes serial number while generating sign.
    2. Print bar codes corresponding to note serial number.
    3. Develop microcontroller based device to verify each bank notes at banker side.
    This device should read bar code and check digital sign from magnetic stripe using rbi public key. These public keys are pre programmed in all micro controller devices..

    That makes more secure currency notes. Bring next generation currency exclusively in India and first time in this world!

    DisAgree [18] Agree [4] Reply Report Abuse

  • Syed, Mangaluru

    Sat, Sep 08 2018

    Try these measures in your go Salas to secure the cows

    DisAgree [4] Agree [10] Reply Report Abuse

  • sri_elder, Karkala

    Sat, Sep 08 2018

    hahaha..
    Your MMS was RBI governor and PM for 10 long years... He just continued old practices and liberal policy on giving new loans...

    Anyway government can try new technologies...at least on new plastic currencies... I will keep on writing on mygov.in...

    All these techniques makes fraudsters job difficult!

    DisAgree [9] Agree [4] Reply Report Abuse

  • Pandu Shenoy, Bantwal

    Sat, Sep 08 2018

    Ridiculous, first you should know what bank notes (currency) are meant off.

    DisAgree [3] Agree [8] Reply Report Abuse

  • sri_elder, Karkala

    Sat, Sep 08 2018

    You may not be technically sound person to understand the logic...
    If any person or neighbouring country can fake other country currency notes means currency not great enough...

    DisAgree [5] Agree [3] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Sat, Sep 08 2018

    Now admit your Nano Chip was a Fake after Pakistan started printing fake Rs. 2000 Notes ...

    DisAgree [1] Agree [3] Report Abuse

  • sri_elder, Karkala

    Sat, Sep 08 2018

    @Jossey - they can print.. But our people are intelligent and they will find out any fake and police will eventually catch all culprits..
    All anti nationals go behind bars

    DisAgree [4] Agree [1] Report Abuse

  • sunitha, udupi

    Sat, Sep 08 2018

    Dear Sri elder?
    what will it actually cost?
    today how many $=?Rs.
    your secure currency will be like 1Rupee=magnetic sripe+digital signature+all technology
    train all bank staff to use it before banning or after banning the old notes

    again demonetize and remonetize

    Moral: Half knowledge is dangerous !
    or faking too much is very easy.

    DisAgree [1] Agree [4] Reply Report Abuse

  • sri_elder, Karkala

    Sat, Sep 08 2018

    RBI has Innovation division and they can try printing single one thousand rupees notes experimental purpose..

    It doesn't cost much. Only requirement is modern computer + some hardware + some expert micro controller programmers.

    DisAgree [4] Agree [1] Reply Report Abuse

  • sri_elder, Karkala

    Sat, Sep 08 2018

    I am not demanding demonetization of any existing notes.

    Additional security in currency notes is positive for our people. It will increase faith in the system. Moreover it increases pride of our country at global level.

    DisAgree [4] Agree [1] Reply Report Abuse


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