trending Market Intelligence /marketintelligence/en/news-insights/trending/o-7aqydj3mg0jn5ipthmxq2 content esgSubNav
In This List

India regulator fines 3 banks for delays in reporting fraud

Blog

Insight Weekly: Bank boards lag on gender parity; future of office in doubt; US LNG exports leap

Blog

Insight Weekly: Job growth faces hurdles; shale firms sit on cash pile; Africa's lithium future

Podcast

Street Talk | Episode 99 - Higher rates punish bond portfolios, weigh on bank M&A

Blog

Insight Weekly: Loan growth picks up; US-China PE deals fall; France faces winter energy crunch


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.