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RBI imposes monetary penalty on Central Bank of India

by BQ News Bureau
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The Reserve Bank of India has imposed a monetary penalty of Rs.50 lakh on Central Bank of India for non-compliance with certain provisions of directions issued by it in the circular of September 3, 2013, “Housing Sector- Innovative Housing Loan Products – Upfront disbursal of housing loans.”

The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949. This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, according to an RBI report.

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