RBI Imposes Monetary Penalty On Karur Vysya Bank For Not Following Guidelines

Karur, 25th March 2023: Through an exchange filing, Karur Vysya Bank reported that the Reserve Bank of India (RBI) fined the bank 30 lakhs for failing to follow some of the guidelines it published in 2016 titled “Reserve Bank of India (Frauds – Classification and reporting by commercial banks and select Fls) directives.”

The fine was levied following the authority granted to the RBI under Sections 47A(1)(c) and 46(4)(l) of the Banking Regulation Act of 1949.