Canara Bank probes fraud in unit after whistleblower complaint: Source
"We decided to act on this complaint given the severity of the situation and found out that there were frauds in 37 accounts worth 39 million rupees ($504,149.54). We have made provisions of an equal amount," said the source, who declined to be named as the discussions were private.
RBI imposes Rs 58 lakh penalty on Abhyudaya Co-operative BankThe penalty has been imposed for non-compliance of the directions issued by RBI on 'Placement of Deposits with other banks', 'Monitoring and Reporting Mechanism of Frauds', 'Income Recognition, Asset Classification, Provisioning and Other Related Matters (IRAC norms)' and 'Management of Advances'.
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