Karur Vysya Bank informed that the the Reserve Bank of India (RBI) imposed a monetary penalty of ₹30 lakh on the Bank for noncompliance with certain provisions of directions issued by RBI on 'Reserve Bank of India (Frauds - Classification and reporting by commercial banks and select Fls) directions 2016', via an exchnage filing.
The penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47 A(1)(cl read with Section 46(4)lil of the Banking Regulation Act, 1949.
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