After RBI levies sanction for non-compliance with standards, the Bank of India drops 4%.

in image RBI bank building

Bank of India shares fell by around 4% on Tuesday after the RBI issued a penalty on the loaner for failure to meet the customer/money laundering rules. Bank of India traded shares at 82.55, down 2.4% from the previous closure, while Sensex lost 0.13% to 52.262.28, the benchmark.

The RBI's decision to sanction the bank comes after the bank's annual regulatory examination in the fiscal year 2018-2019. According to the RBI, the government bank carried out a review and produced a Fraud Monitoring Report (FMR) dated January 1 2019, related to the identification of fraud in an account. 

"Examination of the risk assessment report pertaining to the ISE and the FMR revealed non-compliance with/contravention of the aforesaid directions, namely, breach of stipulated transaction limits; delay in transferring unclaimed balances to the Depositor Education and Awareness (DEA) Fund; delay in reporting a fraud to RBI; and sale of a fraudulent asset," it said.

The government-owned 89.10 per cent of the public sector bank as of March 31, and it posted a gross profit of 250.19 crores in the March quarter, compared to a net loss of 3,571.41 crores the previous quarter. For the quarter, net interest income declined 22.6 per cent to Rs 2935.86 crore.

 

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