Reserve Bank of India imposes monetary penalty on Bank of India
Case Brief
On August 30, 2018, the Reserve Bank of India imposed a monetary penalty of ₹10 million (₹1 crore) on Bank of India. RBI said the bank contravened instructions in its Master Circular on Fraud – Classification and Reporting, specifically citing delay in reporting fraud in certain accounts. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
RBI imposed a monetary penalty on Bank of India under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949. The bank was found to have contravened instructions contained in RBI’s Master Circular on Fraud – Classification and Reporting, with the penalty taking into account delay in reporting fraud in certain accounts.
Severity Assessment
The action is a monetary penalty of ₹10 million, which falls in the ₹10 lakh to ₹20 lakh band, yielding severity 3.
Bank of India must absorb the ₹1 crore penalty; the action does not indicate any operational restriction, but it records a compliance breach related to fraud reporting. The underlying reporting expectations remain in force for the bank.
Published as Bank of India
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