Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹32 lakh on Indian Bank by order dated August 03, 2022. RBI said the penalty was for non-compliance with certain provisions of its Fraud classification and reporting by commercial banks and select FIs Directions, 2016. The inspection found that the bank furnished flash reports to RBI with delay in certain instances, and after considering the bank's reply, oral submissions, and additional submissions, RBI concluded that the charge was substantiated and warranted penalty.