The Reserve Bank of India (RBI) on 8 July 2022 imposed a penalty of Rs 70 lakh on Bank of India.
According to RBI, Bank of India failed to allot Unique Customer Identification Code (UCIC) to all its individual customers, thereby contravening the RBI (Know Your Customer) Direction, 2016. The bank also failed to comply with the prescribed timeline for allotment of UCIC."The aforesaid penalty is to be paid within 14 days of receipt of the order," RBI said in a statement.
The penalty pertains to the Inspection for Supervisory Evaluation (ISE) of the bank by the RBI with reference to bank's financial position as of 31 March 2019 and as on 31 March 2020 respectively. The Risk Assessment Reports (RARs) pertaining thereto, revealed the non-compliance with the above mentioned directions issued by the RBI, the central bank notification said.
Bank of India is a public sector bank. The Government of India held 81.41% stake in Bank of India as on 31 March 2022.
The public sector bank reported a net profit of Rs 606.27 crore in Q4 FY22, steeply higher than Rs 250.19 crore posted in Q4 FY21. Total income grew 2.6% YoY to Rs 11,443.46 crore for the quarter ended 31 March 2022.
Shares of Bank of India fell 0.76% to Rs 45.65 on Friday, 8 July 2022.
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