RBI imposed a penalty on Allahabad bank and Corporation bank

On friday, RBI imposed a total penalty of Rs 3.5 crore on Allahabad Bank and Corporation Bank. A penalty of Rs 2 crore on Corporation bank and penalty of Rs 1.5 crore on Allahabad bank for violating norms.

Earlier this week, RBI had imposed the penalties on SBI, Axis bank, UCO bank and Syndicate bank for violating various norms.

"RBI has imposed a penalty of Rs 2 crore on the government-owned lender due to some lapses in monitoring of end use of funds and exchange of information with other banks in respect of one borrower along with some other banks", Corporation Bank said in a regulatory filing.

"RBI has imposed a penalty of Rs 1.5 crore for not monitoring the end use of funds, delay in classification and reporting of fraud and non-adherence with RBI guidelines during restructuring of accounts in respect of one of its borrowers", Allahabad Bank said in a regulatory filing.