RBI slaps Rs 1 cr fine each on UBI, Bank of India and Maha Bank for delay in fraud detection

The Reserve Bank has imposed a total penalty of Rs 3 crore on three state-run banks of Union Bank of India, Bank of India and Bank of Maharashtra for delay in detection and reporting of fraud in some accounts.

The central bank in three separate releases Friday said it has imposed a penalty of Rs 1 crore each on the three banks of Union Bank of India (UBI), Bank of India and Bank of Maharashtra