As reported by ANI, Four Public Sector Banks have been fined by Reserve Bank Of India.
The stated banks are Corporate Bank of India, State Bank of India, Bank of Baroda and Union Bank of India. All the 4 banks breached the RBI directions regarding monitoring of end-use funds, exchange of information with other banks, classification and reporting of frauds and on the restructuring of accounts.
Penalties have been imposed in compliance with provisions of Section 47A (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949.
[Source: ANI]
