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RBI imposes penalty of Rs 2 crore on Allahabad Bank

Reserve Bank of India (RBI) has imposed a penalty of Rs 2 crore on Allahabad Bank for non-compliance of directions / circulars issued by RBI on ‘Code of Conduct for Opening and Operating Current Accounts’, ‘Discounting / Rediscounting of Bills by Banks’, ‘Reserve Bank of India (Frauds classification and reporting by commercial Banks and select FIs) directions 2016’ in the matter pertaining to Rotomac Group Companies.

Allahabad Bank is a nationalised bank with its headquarters in Kolkata. It is the oldest joint stock bank in India.

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