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RBI imposes Rs.1 crore fine on Nainital Bank

Date: 15 May 2019 Tags: Banking Laws & Regulations

Reserve Bank of India (RBI) has imposed monetary penalty of Rs 1 crore on Nanital Bank for failing to fully automate non-performing asset (NPA) identification process, despite specific directions issued by it. The fine was imposed under provision of Banking Regulation Act, 1949.