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Indian central bank fines Bank of India 15M rupees over noncompliance

India's central bank fined Bank of India 15 million rupees over noncompliance with the central bank's directions on fraud in Rotomac Group companies.

The fine is required to be paid within 14 days from the receipt of order, according to an Aug. 1 BSE filing.

In 2018, Indian authorities were reportedly investigating the pen manufacturer's owner Vikram Kothari and his son for allegedly defaulting on loans worth 36.95 billion rupees from seven banks including Bank of India.

As of Aug. 1, U$1 was equivalent to 68.94 Indian rupees.