RBI imposes penalty on Karur Vysya Bank

Karur Vysya Bank announced that the Reserve Bank of India (RBI) imposed a monetary penalty of Rs 30 lakh on the Bank for non-compliance with certain provisions of directions issued by RBI on 'Reserve Bank of India (Frauds - Classification and reporting by commercial banks and select FIs) directions 2016'. The penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47 A(1)(cl read with Section 46(4)lil of the Banking Regulation Act, 1949.

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