Bank of India has been fined ₹1.85 lakh by the Reserve Bank of India (RBI) for some currency chest violations. Bank of India's Kanpur Currency Chest was fined ₹1,85,300.
After anomalies in the way currency remittances were handled were discovered, the action was taken.
In the soiled note remittance procedure, the RBI noticed problems with counterfeit money, a scarcity of notes, and damaged notes. The central bank chose to penalize the bank financially in light of these infractions.
Due to irregularities with a currency chest, Punjab National Bank (PNB) was fined ₹5.66 lakh by the Reserve Bank of India (RBI) a few days ago.
A lack of notes found at a bank-run currency chest led to the imposition of the penalty.The management of the cash supply in the banking sector is largely dependent on currency chests. They support the RBI in ensuring that money flows freely throughout the nation.
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