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Indian central bank fines 9 banks over delayed reporting of frauds

The Reserve Bank of India fined nine banks for delayed reporting of frauds, some of those were related to loans to Kingfisher Airlines Ltd.

The latest penalties came days after the central bank fined seven local banks for noncompliance with some of its provisions including the code of conduct for opening and operating current accounts.

Punjab National Bank and State Bank of India were fined 5 million rupees each for delayed reporting of fraud over their lending to the now-defunct Indian airline. Oriental Bank of Commerce was fined 15 million rupees and United Bank of India 10 million rupees for the same violation over the same account.

Other banks were also fined for failure to report frauds, although the central bank did not specify which accounts the penalties were related to.

Punjab & Sind Bank and UCO Bank were each fined 10 million rupees. Bank of Baroda, Federal Bank Ltd. and Corporation Bank were also fined 5 million rupees each for the same violation.

As of Aug. 2, US$1 was equivalent to 69.69 Indian rupees.