Bank of India plunges 4% after RBI imposes penalty for non-compliance of norms

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Mumbai: Shares of Bank of India fell around 4% on Tuesday after the Reserve Bank of India (RBI) imposed a penalty of 4 crore on the lender for non-compliance with know your customer/money laundering guidelines.

Bank of India shares were currently trading at 82.55, down 2.4% from the previous close, while the benchmark index, Sensex lost 0.13% to 52,262.28.

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RBI’s decision to penalise the bank follows the annual supervisory inspection conducted during fiscal year 2018-2019. The state-owned bank had conducted a review and submitted a Fraud Monitoring Report (FMR) dated 1 January, 2019, pertaining to detection of fraud in an account, said RBI in a release on Monday.

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

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The public sector bank, where the government held 89.10% stake as on 31 March, reported a net profit of 250.19 crore in the March quarter against a net loss of 3,571.41 crore in the same quarter last year. Net interest income fell 22.6% to 2935.86 crore for the quarter.

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