RBI imposes fine on Allahabad Bank for violating banking norms

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The state owned corporation bank- Allahabad Bank was slapped with an aggregate penalty of Rs 3.5 Crore by the central bank of India. The imposed penalty was for violating banking norms. The Reserve Bank of India has earlier this week imposed penalty on other banks too including Axis Bank, Syndicate Bank and UCO Bank.

The bank in its regulatory filing stated,”This is to inform that Reserve Bank of India…has imposed an aggregate penalty of Rs 20 million on our bank due to some lapses in monitoring of end use of funds and exchange of information with other banks in respect of one borrower along with some other banks,”

It also added, that it has already taken all the preventive measures now, to avoid any such penalties in the coming future and would fully ensure such incidents doesn’t reoccur in future.

RBI imposed a Rs 1.5 Crore penalty on Allahabad Bank for not properly monitoring its use of funds.

“We have to inform you that the Reserve Bank of India…has imposed a penalty of Rs 1.5 crore on the bank for not monitoring the end use of funds, delay in classification and reporting of fraud and non-adherence with RBI guidelines during restructuring of accounts in respect of one of its borrowers,” the bank said.

The penalty on the other three banks apart from Allahabad Bank summed up to Rs 5.20 Crore.

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