RBI imposed a fine of ₹ 1.4 crore on this bank, shares crashed, investors disappointed.. know details

Bank Of India: The Reserve Bank of India (RBI) on Wednesday mentioned that it has imposed a penalty of Rs 1.4 crore on Bank of India (RBI Imposed Penalty) for not following sure regulatory norms.

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The Reserve Bank of India (RBI) on Wednesday mentioned it has imposed a penalty of Rs 1.4 crore on Bank of India for non-compliance with sure regulatory norms. On Thursday, the share worth of the financial institution had fallen to the extent of Rs 128.25 after a fall of 8.52 p.c. Even in the present day investors will maintain an eye fixed on the corporate’s efficiency.

Fine imposed on this financial institution additionally

The Reserve Bank has additionally imposed a fine of Rs 29.55 lakh on non-public sector Bandhan Bank for non-compliance of sure directions. Penalty imposed on Bank of India for non-compliance of RBI instructions referring to violation of provisions of ‘Interest Rate on Deposits’, ‘Customer Service in Banks’, ‘Interest Rate on Loans’ and Credit Information Companies Rules, 2006 Is. Yesterday, the corporate’s shares closed at Rs 178.35 with a decline of 5.48 p.c. Which may be very near the 52 week low degree of Rs 175.30.

Meanwhile, the Reserve Bank additionally mentioned that a penalty of Rs 13.60 lakh has been imposed on Indostar Capital Finance Ltd for non-compliance with sure provisions of ‘Monitoring of Frauds in NBFCs (Reserve Bank) Guidelines, 2016’ and KYC Directions . The Reserve Bank mentioned that in all circumstances, the penalty has been imposed for deficiencies in regulatory compliance. It just isn’t meant to have an effect on the validity of any transaction or settlement entered into by entities with their prospects.

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