RBI Imposes Rs. 2.20 crore Penalty on Indian Overseas Bank

RBI Imposes Rs. 2.20 crore Penalty - RBI - Penalty - Indian Overseas Bank - taxscan

The Reserve Bank of India (RBI) imposed a monetary penalty of ₹2.20 Crore (Rupees Two Crore and twenty Lakh only) on Indian Overseas Bank on June 2nd 2023 based on the order dated 29th May 2023. The penalty was imposed on grounds of contravention of the provisions of Section 17(1) of the Banking Regulation Act,…

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