2022
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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RBI has imposed a fine of Rs 32 lakh on which bank for breach of directions on classification & reporting of frauds?
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Canara Bank
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Axis Bank
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State Bank of India
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Indian Bank
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Explanation:
Detailed explanation-1: -The Reserve Bank of India (RBI) has, by an order dated December 12, 2022, imposed a monetary penalty of ₹2.66 crore (Rupees Two crore sixty-six lakh only) on Bank of Bahrain & Kuwait BSC, India Operations (the bank) for non-compliance with directions issued by RBI on “Cyber Security Framework in Banks”.
Detailed explanation-2: -32.00 lakh (Rupees Thirty Two Lakh only) for failing to submit a Flash Report for frauds involving amounts of at least Rs. 5.00 crore (Rupees Five Crore) to the RBI as required by Section 47A(1)(c) of the Banking Regulation Act, 1949.
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