RBI fines Indian Overseas Bank â¹2 cr after detecting fraud
The RBI on Monday said it has imposed a penalty of â¹2 crore on Indian Overseas Bank after a "fraud was detected" at one of its branches. It said the bank failed to comply with Know Your Customer (KYC) regulations. The RBI has also imposed a penalty of â¹3 crore on Axis Bank for violation of bad loan classification norms.