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India regulator fines 3 banks for delays in reporting fraud

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India regulator fines 3 banks for delays in reporting fraud

India's central bank imposed a fine of 10 million rupees each on state-run Union Bank of India, Bank of India and Bank of Maharashtra for delays in detecting and reporting fraud in a number of accounts.

The Reserve Bank of India said Sept. 7 that the banks violated rules on classification and reporting of fraud.

In a filing, Union Bank of India said it has taken necessary preventive measures and implemented a corrective action plan to strengthen internal controls.

As of Sept. 7, US$1 was equivalent to 71.97 Indian rupees.