IANS | 09 Feb, 2019
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
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".