Reserve Bank of India (RBI) has imposed a penalty of Rs 1.5 crore on Oriental Bank of Commerce on account of violation of RBI regulations on non-monitoring of end use of funds, exchange of information with other Banks and on restructuring of accounts in respect of one of its borrowers. The aforesaid penalty is required to be paid within 14 days of the receipt of the order.
Oriental Bank of Commerce is a commercial bank. The Bank operates in four segments: treasury operations, corporate/wholesale banking, retail banking and other banking business operations.
