Reserve Bank of India (RBI) has imposed a penalty of Rs 30 lakh on Karur Vysya Bank for non-compliance with certain provisions related to fraud classification and reporting by commercial banks. A Select Scope Inspection (SSI) of the bank was conducted by it from February 21, 2022, to March 4, 2022.
Karur Vysya Bank is among six old generation private sector banks that have been identified by the Reserve Bank of India (RBI) to implement Speed Clearing at Mumbai.