RBI imposes a penalty on Overseas Bank!!
Penalty on Overseas Bank: RBI imposes a fine of Rs 57.5 lakh on state-owned bank IOB
Before this penalty, RBI had inspected the supervisory valuation of the financial position of indian Overseas bank as of march 31, 2020. This included risk assessment reports, inspection reports,s, and related things.
According to PTI news, it has been said by the RBI that this action has been taken on the public sector bank based on the statutory inspection of the bank and examination of the reports concerning its financial position at the end of march 2020.
It has also been said by the central bank that this action has nothing to do with the validity of any transaction or agreement entered into with customers. Before this penalty, RBI had inspected the supervisory valuation of the financial position of indian Overseas bank as of march 31, 2020. This included risk assessment reports, inspection reports, and related things.