The Reserve Bank of India (RBI) in exercise of powers conferred under Banking Regulation Act, 1949 has imposed a penalty of Rs 10 million on Corporation Bank due to some lapses in KYCJAML norms, along with some other Banks. The Bank has already taken necessary preventive measures / action plan to avoid such recurrence.
Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906. Government of India is the majority shareholder holding 59.82% stake in the bank. Overall, the Bank has a wide network of over 9,000 centres across India, including 2,061 branches, 2,599 ATMs and 4,349 branchless banking units
