Key Points of Karur Vysya Bank Fined by RBI for Violations:
- Karur Vysya Bank Limited has been fined by the Reserve Bank of India (RBI) for noncompliance with certain provisions of RBI’s directions on fraud classification and reporting.
- The RBI has imposed a monetary penalty of Rs. 30 Lakh on Karur Vysya Bank in accordance with the Banking Regulation Act, 1949.
- As a result of the news, the shares of Karur Vysya Bank Limited increased to Rs. 97.65 from the previous close of Rs. 97.50 on the Bombay Stock Exchange (BSE).
- The total number of shares traded during the day was 112802 in over 1489 trades.
- This incident serves as a reminder to all banks and financial institutions to adhere to the guidelines set forth by the RBI to maintain compliance and avoid penalties. The RBI remains committed to ensuring the integrity of the Indian financial system and protecting consumers.
Details of Karur Vysya Bank Fined by RBI for Violations:
Karur Vysya Bank has been fined by the Reserve Bank of India (RBI) for not complying with certain provisions of the RBI’s directions on ‘Reserve Bank of India (Frauds – Classification and reporting by commercial banks and select FIs) directions 2016’. The RBI has imposed a monetary penalty of Rs. 30 Lakh on the Bank in accordance with Section 47 A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949.
As a result of this news, the shares of Karur Vysya Bank Limited were last trading at Rs. 97.65 on the Bombay Stock Exchange (BSE), up from the previous close of Rs. 97.50. During the day, the total number of shares traded was 112802 in over 1489 trades.
This fine serves as a reminder to all banks and financial institutions to adhere to the guidelines set forth by the RBI in order to maintain compliance and avoid monetary penalties. The RBI’s commitment to ensuring the integrity of the Indian financial system and protecting consumers remains steadfast.
About Karur Vysya Bank:
Founded in 1916 by M. A. Venkatarama Chettiar and Athi Krishna Chettiar, Karur Vysya Bank is a Scheduled Commercial Bank with its headquarters located in Karur, Tamil Nadu, India. The bank operates in various segments including treasury, corporate/wholesale banking, and retail banking.
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