The Reserve Bank of India has slapped monetary penalty on Bank of India, Karnataka Bank and Saraswat Bank for flouting norms several norms.
Bank of India has been fined ₹5 crore for non-compliance of norms like divergence in NPA accounts, current account opening and reporting of fraud.
Karnataka Bank has been fined ₹1.2 crore for violating norms regarding divergence of NPA account and and income recognition and asset classification pertaining to advances norms.
Saraswat Co-operative Bank has been fined ₹30 lakh for non-compliance with income recognition and asset classification norms.
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