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UBI, Maharashtra Bank, BOI Each to Pay ₹1 crore Fine for Delay in Fraud Detection
September 26, 2018
Failing to detect and report frauds on time in some accounts, Bank of India, Maharashtra Bank, and United Bank of India (UBI) have been asked to pay a fine of ₹1 crore each on the order of Reserve Bank of India (RBI).
The central bank made this announcement last Friday. A regulatory filing by UBI said that the penalty has been imposed “in exercise of powers vested in RBI under the Banking Regulation Act.”
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