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Pune: Residents Demand Proper Planning and Development for Kunal Icon Road in Pimple Saudagar

Pune: Residents Demand Proper Planning and Development for Kunal Icon Road in Pimple Saudagar

Pimpri Chinchwad, 4th June 2023: A meeting was held yesterday to address the concerns and demands of the residents regarding...

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Potholes on Pune roads

Pune: PWD Launches Online Complaint Redressal System for Potholes in Maharashtra

Pune, 4th June 2023: In a bid to address the long-standing issue of potholes on state highways, the public works...

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cybercrime

Pune Police Grapple with Soaring Cybercrime Cases, Receive 24,424 Complaints in 2022

Pune, 4th June 2023: The Pune Police faced a daunting task in 2022 as they received a staggering 24,424 cyber...

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LGBTQ Pune

Pune: Maharashtra’s Chief Electoral Officer Joins Pride March to Promote Transgender Voter Registration

Pune, 3rd June 2023: In a groundbreaking move, the Chief Electoral Officer (CEO) and District Election Officer of Maharashtra have...

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Odisha: Two Trains Derail near Bahanaga Bazaar, Helpline Numbers for Stranded Passengers

Odisha: Two Trains Derail near Bahanaga Bazaar, Helpline Numbers for Stranded Passengers

Bahanaga Bazaar, 3rd June 2023: In a distressing incident that occurred this evening, two trains derailed near Bahanaga Bazaar station,...

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Mumbai, 2nd June, 2023 - The Reserve Bank of India (RBI) has taken action against Indian Overseas Bank, imposing a monetary penalty of ₹2.20 Crore (Rupees Two Crore and twenty Lakh only). The penalty was imposed for the bank's failure to comply with certain provisions of the Banking Regulation Act, 1949, as well as non-compliance with RBI's directions on various aspects, including income recognition, asset classification, provisioning norms, interest rates on deposits, and ATM security. The penalty was imposed under the authority granted to RBI by the provisions of the Banking Regulation Act. The action is based on the findings of a statutory inspection conducted by RBI, known as ISE 2021, which evaluated the bank's financial position as of March 31, 2021. During the inspection, it was revealed that Indian Overseas Bank had contravened the provisions of the Act by failing to transfer a mandatory sum equivalent to 25% of its disclosed profit for the fiscal year 2020-21 to its reserve fund. Furthermore, there was a significant discrepancy between the non-performing assets (NPAs) reported by the bank and those assessed during the inspection. The bank also offered interest rates on deposits of non-individual customers that were applicable to senior/super senior citizens in certain instances. Additionally, the bank failed to implement necessary security measures for ATMs, specifically regarding the end-to-end encryption of communication between the ATM terminal/PC and the ATM switch, within the specified timelines. The bank was issued two notices, prompting it to explain why a penalty should not be imposed for its failure to comply with the Act and RBI's directions. After considering the bank's responses, oral submissions, and additional documents submitted during the personal hearing, RBI concluded that the charges of contravention and non-compliance were substantiated, justifying the imposition of the monetary penalty. It is important to note that this penalty is not intended to challenge the validity of any transactions or agreements between the bank and its customers. The RBI's action is primarily aimed at addressing the deficiencies in regulatory compliance by the Indian Overseas Bank.

Indian Overseas Bank Fined Rs 2.20 Crore by RBI for Violating Banking Regulations

Mumbai, 2nd June 2023: The Reserve Bank of India (RBI) has taken action against Indian Overseas Bank, imposing a monetary...

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Tiger Point Pune

Lonavala Bike Accident: Youth From Pune Dead, Two Injured In Mishap Near Tiger Point

MLonavala, 3rd June 2023: A young man lost his life after a fatal accident occurred near Tiger Point, leaving two...

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Students (1)

Pune: 8% of Students Below Minimum Academic Standard in Maharashtra Class 10 Results, Education Department Takes Action

Pune, 3rd June 2023: Approximately 8 percent of students in the state of Maharashtra have fallen below the minimum academic...

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National Finswimming Championship

Pune: PCMC Partners with Private Organizations to Operate Swimming Pools on PPP Basis

Pimpri, 3rd June 2023: Pimpri-Chinchwad Municipal Corporation (PCMC) has decided to hand over five swimming pools in the city to...

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Weather Rain

Pune Weather Forecast: Below-Average Monsoon Expected for Most of Maharashtra

Pune, 3rd June 2023: The state of Maharashtra is likely to experience approximately 95 percent of the average rainfall during...

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Dharmendra Pradhan (2)

Dharmendra Pradhan Tenders Resignation Amid NEET Student Protests

Carrom

74 players for 5th edition of PYC Carrom League Set to Begin

PMPML (1)

Pune: PMPML Seeks 24 Reserved Plots for Depots; 685 Bus Shelters in the Works

Bombay High Court

Bombay HC Orders Pune School to Admit Six-Year-Old Under RTE, Says Child Cannot Always Be Identified By Father’s Caste; Directs Authorities to Accept Mother’s Caste Certificate

PMC - Pune Muncipal Corporation

Pune: PMC Introduces Digital Attendance in Civic School to Curb Absenteeism, Parents to Receive Real-Time Updates