Maha Bank

UBI, Bank of India and Maha Bank Fined By RBI for Delayed Fraud Detection

The central bank in three separate releases said it has imposed a penalty of Rs 1 crore each on the three banks of Union Bank of India (UBI), Bank of India and Bank of Maharashtra The RBI on August 30 "imposed a monetary penalty of Rs 10 million" on the banks for contravention of the instructions contained in Master Circular on Fraud Classification and Reporting issued by RBI, according to the releases.