Reserve Bank of India (RBI) has imposed monetary penalty of Rs 63.60 lakh on Indian Overseas Bank. The said Penalty has been imposed in exercise of powers conferred on Reserve Bank of India under the provisions of Section 47A(1)(c) read with Section 46(4)(i) and 51(1) of Banking Regulation Act, 1949 for non-compliance with certain directions issued by RBI on ‘Credit Flow to Agriculture -Collateral free agricultural loans’ and ‘Lending to Micro, Small & Medium Enterprises (MSME) Sector.’
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.
