Central Bank of India announced that Reserve Bank of India vide its mail dated 14th June, 2024 has intimated about imposition of monetary penalty of INR 14,550,000 for non-compliance with certain directions issued by RBI on 'Loans and Advances ? Statutory and Other Restrictions' and 'Customer Protection ? Limiting Liability of Customers in Unauthorised Electronic Banking Transactions'.

This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and section 51(1) of the Banking Regulation Act, 1949. Date of receipt: June 14, 2024. Details of the violation(s) /contravention(s) committed or alleged to be committed: Non-compliance with certain directions issued by the RBI on, Loans and Advances ­ Statutory and Other Restrictions and,Customer Protection ­ Limiting Liability of Customers in Unauthorised Electronic Banking Transactions.