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New Delhi sources stated as per report that the Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore each on the Union Bank of India, Bank of India and Bank of Maharashtra for failing to detect and report fraud in certain accounts on time. Meanwhile the RBI, in three separate releases, said it has imposed a penalty of Rs 1 crore each on three state run banks.
Furthermore as per report according to its releases, the central bank on August 30 "imposed a monetary penalty of Rs 10 million" on the three banks for contravention of its instructions contained in Master Circular on Fraud Classification and Reporting.
Moreover the release stated the penalty has been imposed in exercise of
powers vested with the RBI under the provisions of Section 47A (1) (c) read
with Section 46 (4) (i) of the Banking Regulation Act, 1949 taking into account
delay on the part of the bank to report fraud in an account.