Corporation Bank informs about company updates

Corporation Bank has informed that Reserve Bank of India (RBI) in exercise of powers conferred under Section 47(A) (1) (c) read with the Section 46(4) (i) of the Banking Regulation Act, 1949 has imposed a penalty of Rs 10 million on the Bank due to some lapses in KYC/AML norms, along with some other Banks. The Bank has already taken necessary preventive measures / action plan to avoid such recurrence.

The above information is a part of company’s filings submitted to BSE.