For a change the Reserve Bank of India has imposed heavy penalties on commercial banks, bringing a sigh of relief among urban cooperative bank fraternity.
On August 30, 2018, RBI imposed a monetary penalty of ? 10 million on Bank of India for contravention of the instructions contained in Master Circular on Fraud – Classification and Reporting issued by RBI.
Same day Reserve Bank of India imposed a monetary penalty of ? 10 million on Union Bank of India for the same charge as that of Bank of India.
And again it was the Bank of Maharashtra which was penalized for contravention of the instructions contained in Master Circular on Fraud – Classification and Reporting issued by RBI.