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RBI imposes penalty of Rs 2 crore on Allahabad Bank

02 Aug 2019 Evaluate

Reserve Bank of India (RBI) has imposed a penalty of Rs 2 crore on Allahabad Bank for non-compliance of directions / circulars issued by RBI on ‘Code of Conduct for Opening and Operating Current Accounts’, ‘Discounting / Rediscounting of Bills by Banks’, ‘Reserve Bank of India (Frauds classification and reporting by commercial Banks and select FIs) directions 2016’ in the matter pertaining to Rotomac Group Companies.

Allahabad Bank is a nationalised bank with its headquarters in Kolkata. It is the oldest joint stock bank in India.

Peers
Company Name CMP
State Bank Of India 961.70
PNB 116.10
Bank Of Baroda 230.00
Canara Bank 118.60
Union Bank Of India 172.00
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