Revenue Department imposes fine of Rs 10.4 lakh on Indian Overseas Bank

lndian Overseas Bank on Saturday said the Revenue Department has levied a penalty of Rs 10.4 lakh on it for delay in filing certain threshold based reports.

The Financial Intelligence Unit, Deportment of Revenue has levied a penalty on the bank for delay in filing of certain threshold based reports, lndian Overseas Bank said in a regulatory filing.

The bank has taken necessary measures to strengthen internal controls to avoid such recurrence, it added.