In April, RBI imposed a monetary penalty of Rs 36 lakh

Solution

RBI has imposed a monetary penalty of Rs 36 lakh on Central Bank of India for non-compliance with certain directions of the central bank. The order was issued on April 18, 2022. Central Bank of India has been penalised for failing to comply with directions issued by RBI on 'Customer Protection-Limiting Liability of Customers in Unauthorised Electronic Banking Transactions', RBI noted that the penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) and section 51(1) of the Banking Regulation Act, 1949. RBI statutory Inspection for Supervisory Evaluation (lSE) of CBI was conducted by the RBI with reference to its financial position as of March 31, 2020.