Rs 2 crore penalty on Allahabad Bank for violating regulation Act

| Tuesday, July 26, 2016 - 20:36
First Published |
RBI, Allahabad bank, penalty, Banking Regulation Act, violation, bse

RBI imposes a penalty of Rs 2 crore on Allahabad Bank for violation of the Banking Regulation Act

Kolkata: State-run lender Allahabad Bank on Tuesday said Reserve Bank of India (RBI) has imposed a penalty of Rs 2 crore on it for violation of the Banking Regulation Act.

"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.

(Also Read: SC issues notice to Vijay Mallya for not diclosing assets)

"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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