Karur Vysya Bank has informed that the Reserve Bank of India (RBI) imposed a monetary penalty of Rs 30 Lakh on the Bank for non-compliance with certain provisions of directions issued by RBI on 'Reserve Bank of India (Frauds - Classification and reporting by commercial banks and select Fls) directions 2016'. The penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47 A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
The above information is a part of company’s filings submitted to BSE.