The Reserve Bank of India (RBI) has slapped a monetary penalty of Rs 5 crore on Bank of India (BoI) for non-compliance with certain provisions of the directions issued by RBI on Income Recognition, Asset Classification and Provisioning pertaining to Advances - Divergence in NPA accounts, Opening of current accounts by banks - Need for discipline, and Classification and reporting of frauds.
Bank of India offers wide range of services such as Personal banking, Corporate, Rural, MSME, Retail, NRI services, Cards/ATM etc.
