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RBI imposes penalty of Rs 1 crore on Oriental Bank of Commerce

Reserve Bank of India (RBI) has imposed an aggregate penalty of Rs 1 crore on Oriental Bank of Commerce for violating RBI Master Direction dated July 01, 2016 on ‘Reserve Bank of India (Frauds classification and reporting by commercial banks and select FIs) Directions 2016’ and non-compliance of RBI circular dated May 15, 2004 on ‘Opening of Current Accounts by Banks – Need for discipline’.

The aforesaid penalty is required to be paid within 14 days from the date of receipt of the Order.

Oriental Bank of Commerce is a commercial bank. The Bank operates in four segments: treasury operations, corporate/wholesale banking, retail banking and other banking business operations.