The Karur Vysya Bank Limited informed that the Reserve Bank of India (RBI) imposed monetary penalty of INR 11,600 for the deficiencies observed during processing of soiled note remittances. This penalty has been imposed in accordance with Master Direction DCM (CC) No.G3/03.44.01/2023-24 dated April 3, 2023 on "Scheme of penalties for bank branches and currency chests for deficiency in rendering customer service to the members of public". Communication received on May 9, 2024.
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