Question
Consider the following statements with respect to the
monetary penalties been imposed by RBI on certain banks- I.The Reserve Bank of India has imposed a monetary penalty of Rs 6.34 crore on Bank of Baroda as it  failed to ensure accuracy and integrity of data on large exposures submitted to RBI with respect to some accounts. II.A monetary penalty of Rs 5 crore on Citibank was because the lender failed to credit the eligible amount to the Depositor Education and Awareness Fund within the prescribed time period. III.Rs 2 crore on Indian Overseas Bank for violating norms while extending term loans to two corporate entities without undertaking due diligence on the viability and bankability of the projects. Which of the following statements is/are true ?Solution
The Reserve Bank of India has imposed a monetary penalty of Rs 4.34 crore on Bank of Baroda, Rs 5 crore on Citibank, and Rs 1 crore on Indian Overseas Bank for violating norms.  Bank of Baroda, according to RBI, failed to ensure accuracy and integrity of data on large exposures submitted to RBI with respect to some accounts.  The penalty on Citibank was because the lender failed to credit the eligible amount to the Depositor Education and Awareness Fund within the prescribed time period, paid remuneration in the form of commission to its certain staff members, and outsourced the monitoring and disposal/closure (decision-making function) of AML (Anti-Money Laundering) alerts to a group company.  On IOB, RBI said the bank was found violating norms while extending term loans to two corporate entities without undertaking due diligence on the viability and bankability of the projects to ensure that revenue streams from the projects were sufficient to take care of the debt servicing obligations, and it was sanctioned to substitute budgetary resources envisaged for certain projects.
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