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Oriental Bank of - Reg.: Disclosure Under Regulation 30 Of Sebl (LODR) Regulations, 2015

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Dion Global

12 Feb 2019

This is to inform that Reserve Bank of India (RBI) in exercise of powers conferred under Section 47(A)(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949 has imposed an aggregate penalty of Rs.15 million (Rupees Fifteen Million only) on the Bank on account of violation of RBI regulations on non-monitoring of end use of funds,
exchange of information with other Banks and on restructuring of accounts in respect of one of its borrowers. The aforesaid penalty is required to be paid within 14 days of the receipt of the order.
The Bank has already taken necessary preventive measures / action plan to avoid such recurrence.
The above is for your information please.