RBI Imposes Rs 2.20 Crore Penalty on Indian Overseas Bank for Rule Violations

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 2.20 crore on Indian Overseas Bank (IOB) for violating various rules and regulations.
The penalty was imposed due to the bank’s failure to make a minimum mandatory transfer of a sum equivalent to 25 percent of its disclosed profit and a significant divergence between the non-performing assets (NPAs) reported by the bank and those assessed during inspection.