{"id":269207,"date":"2022-06-29T12:00:46","date_gmt":"2022-06-29T06:30:46","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=269207"},"modified":"2022-06-29T14:24:32","modified_gmt":"2022-06-29T08:54:32","slug":"reserve-bank-of-india-penalizes-indian-overseas-bank","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/29\/reserve-bank-of-india-penalizes-indian-overseas-bank\/","title":{"rendered":"RBI penalizes Indian Overseas Bank of Rs. 57.50 lakh for non compliance of RBI (Frauds Classification and Reporting by Commercial Banks and Select FIs Directions, 2016"},"content":{"rendered":"
\n

On 24-06-2022 the Reserve Bank of India (\u2018RBI’) imposed a penalty of Rs.57.50 lakh on the Indian Overseas Bank (\u2018The Bank’) for not complying to the directions given by RBI under the provisions of Section 47-A(1) (c)<\/a> read with Sections 46(4)(i)<\/a> and 51(1)<\/a> of the Banking Regulation Act, 1949<\/a>.<\/p>\n

The Bank did not comply with the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select FIs Directions, 2016, \u2018Creation of a Central Repository of Large Common Exposures – Across Banks’ read with \u2018Central Repository of Information on Large Credits (CRILC) \u2014 Revision in Reporting’ and \u2018Prudential Framework for Resolution of Stressed Assets’, and \u2018External Benchmark Based Lending’<\/p>\n

On 31-03-2020, a supervisory evaluation was conducted by RBI including risk assessment and inspection which revealed the following non-compliance of the Bank:<\/p>\n

    \n
  1. \n

    Failure to report frauds involving ATM cards- which has to be reported to the RBI within 3 weeks from the date of detection<\/p>\n<\/li>\n

  2. \n

    Failure to ensure integrity and quality of data when it did not report credit information to Central Repository of Information on Large Credits (\u2018CRILC’)<\/p>\n<\/li>\n

  3. \n

    Linked certain floating rate loans to Micro and Small Enterprises, extended by it on or after 1-10-2019 to MCLR\/Base Rate instead of an external benchmark<\/p>\n<\/li>\n<\/ol>\n

    \n<\/div>\n","protected":false},"excerpt":{"rendered":"

    On 24-06-2022 the Reserve Bank of India (\u2018RBI’) imposed a penalty of Rs.57.50 lakh on the Indian Overseas Bank (\u2018The Bank’) for <\/p>\n","protected":false},"author":67011,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-269207","post","type-post","status-publish","format-standard","hentry","category-hot_off_the_press","category-news"],"yoast_head":"\nRBI penalizes Indian Overseas Bank of Rs. 57.50 lakh for non compliance of RBI (Frauds Classification and Reporting by Commercial Banks and Select FIs Directions, 2016 | SCC Times<\/title>\n<meta name=\"description\" content=\"Reserve Bank of India imposed a penalty of Rs.57.50 lakh on the Indian Overseas Bank for not complying to the directions given by RBI\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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