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RBI penalises Allahabad Bank, Corporation Bank

Mumbai, Feb 8 (IANS) The Reserve Bank of India (RBI) has imposed separate monetary penalties on lenders Allahabad Bank and Corporation Bank over deficiencies in complying with various regulatory norms.

In a regulatory filing to the BSE on Friday, the Allahabad Bank said that the RBI has imposed a penalty of Rs 1.5 crore “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 Corporation Bank in a similar regulatory filing said the RBI has imposed a penalty of Rs 2 crore on the government-owned lender “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”.

–IANS

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