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RBI imposes monetary penalty on Indian Overseas Bank
News Summary
• The Reserve Bank of India has imposed a monetary penalty of Rs 63.60 lakh on Indian Overseas Bank for non-compliance with directives related to credit flow to agriculture and lending to the MSME sector.
• The penalty is enforced under the Banking Regulation Act, highlighting the regulatory scrutiny faced by banks in adhering to compliance standards.
• Indian Overseas Bank, known for its diverse banking services, must address these compliance issues to avoid further penalties and maintain its operational integrity.
Apr 28 11:23 PM