RBI imposes Rs 2.20 cr penalty on Indian Overseas Bank
Fri, Jun 2, 2023 9:05 PM

RBI imposes Rs 2.20 cr penalty on Indian Overseas Bank

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The Reserve Bank of India (RBI) on June 2 said it has imposed monetary penalty of Rs 2.20 crore on Indian Overseas Bank (IOB) for rule violations. The penalty on IOB has been imposed as bank failed to make minimum mandatory transfer of a sum equivalent to 25 percent of its disclosed profit for the year 2020-21 to its reserve fund.

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