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The fine is imposed for contravention of the provisions of certain directions issued by RBI on 'Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances - Divergence in NPA Accounts'
The regulatory actions were taken following the RBI's statutory Inspection for Supervisory Evaluation , , indian overseas bank, Reserve Bank of India (RBI)
Get latest articles and stories on Latest News at LatestLY. Reserve Bank on Friday imposed a penalty of Rs 2.20 crore on state-owned Indian Overseas Bank (IOB) for non-compliance of income recognition and other deficiencies in regulatory compliance. Latest News | RBI Imposes Rs 2.2-crore Penalty on Indian Overseas Bank.
Action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement, said RBI.
Bank in contravention of the RBI's rules furnished incorrect credit information in respect of several expired credit cards with nil dues to all four credit information companies