RBI imposes monetary penalty of Rs 32 lakh on Indian Bank

Indian Bank | Bank - Public | BFSI | BSE: 532814 | NSE: INDIANB

08 Aug 2022 Evaluate

Reserve Bank of India (RBI) has imposed monetary penalty of Rs 32 lakh on Indian Bank for delay in submission of Flash Report for frauds involving amounts of Rs 5 crore and above to the RBI as prescribed in paragraph 3.2.6 of Reserve Bank of India (Frauds, classification and reporting by Commercial Banks and select FIs) Directions, 2016. The Bank has taken necessary preventive/comprehensive actions to avoid such recurrence in future.

Indian Bank was established as a part of the Swadeshi movement. The Bank provides a wide spectrum of banking products and services.

Peers

Company Name	CMP
State Bank Of India	984.50
PNB	116.80
Bank Of Baroda	232.40
Canara Bank	123.90
Union Bank Of India	177.45
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Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
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Trade/Brand Name of IA:	MoneyWorks4Me Investment Advisers
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SEBI Registration Number:	INA000013323 Validity – May 16, 2019 – Perpetual
Registration:	Non-Individual
BSE Enlistment No:	1187
Address:	B-101, Signet Corner Building, Balewadi Phata, Baner, Pune, Maharashtra 411045

Compliance Officer Details:	Name: Shrikant Jagtap Email: shrikant.jagtap@moneyworks4me.com	Telephone: +919860359463 Address: Same as IA
Grievance Officer Details:	Name: Mukta Vaze Email: mukta.vaze@moneyworks4me.com	Telephone: +919860919463 Address: Same as IA
Principal Officer Details:	Name: Atharva Bhide Email: atharva.bhide@moneyworks4me.com	Telephone: +919175899463 Address: Same as IA
Standard Warning:	Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Disclaimer:	Registration granted by SEBI, enlistment with exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.