Mumbai Sep 7 (IANS) The Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore each on three public sector banks for non-compliance with its directions on "Fraud - Classification and Reporting".
According to the RBI the penalty was imposed individually on all the three banks -- Bank of Maharashtra Bank of India Union Bank of India -- on August 30 2018.
The apex bank took into account the delay on the part of these banks in reporting fraud in certain accounts.

--IANS rv/nir