India, Sept. 30 -- The Reserve Bank of India (RBI) has levied a monetary penalty of Rs 31.8 lakh on Indian Overseas Bank for non-compliance with its directions on Priority Sector Lending (PSL) – Targets and Classification.
The penalty follows supervisory findings of regulatory lapses, based on which the RBI had issued a show-cause notice to the bank. After reviewing the bank's written and oral submissions, the RBI found the charges of non-compliance sustained, leading to the imposition of the penalty.
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