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Central Bank of India fined over noncompliance

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Central Bank of India fined over noncompliance

The Reserve Bank of India imposed a fine worth 5 million Indian rupees on Central Bank of India over noncompliance with the central bank's directives on housing loan products.

The penalty comes after an off-site examination by the Reserve Bank of India of housing loans disbursed by the bank, which revealed noncompliance with the central bank's directives, according to a Nov. 10 release.

As of Nov. 10, US$1 was equivalent to 74.29 Indian rupees.