"The Reserve Bank of India in exercise of power conferred under Section 47 (A) (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949, has imposed a penalty of Rs 20 million (2 crore) on our bank," the city-based lender said in a fling to BSE.
"The bank has taken necessary preventive measures/comprehensive action plan to avoid such recurrence," it added.
The RBI also imposed penalties ranging from Rs 2 crore to Rs 5 crore on Bank of Baroda, HDFC Bank, and Punjab National Bank over the issues related to violation of banking norms.
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