The Reserve Bank of India (RBI) has imposed a penalty of Rs 57.5 lakh on state-owned Indian Overseas Bank (IOB) for non-compliance with certain norms, including those related with frauds classification and reporting. IOB failed to report certain instances of frauds involving ATM card cloning/ skimming, to the RBI within three weeks from the date of detection. Another non-compliance was that the bank failed to ensure integrity and quality of data when it did not report credit information in CRILC on certain borrowers having aggregate exposure of Rs 5 crore and above.
Indian Overseas Bank is a pioneer in many fields - Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.
