Seven public sector banks fined over violation of RBI's guidelines

The RBI fined seven public sector banks for non-compliance with various RBI’s guidelines, including for opening current accounts, fraud detection, and Corporation Bank for violation of cyber security norms. Banks fined on July 31 were Allahabad Bank, Bank of Maharashtra, Bank of Baroda, Bank of India, Indian Overseas Bank, Union Bank of India, and Oriental Bank of Commerce. The first two were fined Rs 2 crore each, and OBC was fined  Rs 1 crore.