Lakshmi Vilas Bank, Syndicate Bank shares fall after RBI fine


PTI, Oct 15, 2019, 2:25 PM IST

New Delhi: Shares of Lakshmi Vilas Bank and Syndicate Bank fell by up to 5 per cent on Tuesday after the RBI imposed a monetary penalty on them for violating asset classification and fraud detection norms.

Lakshmi Vilas Bank scrip went lower by 4.96 per cent to its lower circuit level as well as one-year low of Rs 22.05 on the BSE.

Shares of Syndicate Bank also fell 2.24 per cent to Rs 24 — its 52-week low.

The Reserve Bank has imposed a monetary penalty of Rs 1 crore on Lakshmi Vilas Bank and Rs 75 lakh on Syndicate Bank for violating asset classification and fraud detection norms.

“The Reserve Bank of India (RBI) has, by an order dated October 14, 2019, imposed monetary penalty of Rs 1 crore on Lakshmi Vilas Bank for non-compliance with certain provisions of directions issued by RBI on ‘Income Recognition and Asset Classification (IRAC) norms,” RBI said in a release on Monday.

In a similarly worded release, it said a monetary penalty of Rs 75 lakh has been imposed on Syndicate Bank for non-compliance with the directions issued by RBI on frauds classification and reporting; innovative housing loan products wherein upfront disbursal of loans is done.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Actress Kasthuri released from jail, says ‘I thank those who made me raging storm’

Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial

100 engineering colleges in Karnataka to be ‘adopted’ by corporates by next year: IT Minister Kharge

Siddaramaiah defends BPL ration card cancellation, says only ineligible beneficiaries affected

China announces new policy measures to protect its exports from Trump’s new tariff threat

Renovated Medical Oncology OPD and Chemotherapy Day Care Centre inaugurated at Kasturba Hospital, Manipal

Karnataka Health Minister justifies revision of user fees in state-run hospitals

Related Articles More

Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial

Gautam Adani charged in US with USD 250 mn bribery, fraud

India’s GDP growth likely to slip at 6.5 pc, maintains 7 pc estimate for FY25: Icra

RBI cautions public about ‘deepfake’ video of governor being circulated on social media

We disagree with decision, plan to appeal: Meta on CCI imposing Rs 213-cr penalty

MUST WATCH

Christmas Cake Fruit Mixing

DK Shivakumar

Rose Cultivation

Geethotsava

Naxal Operation


Latest Additions

Siddaramaiah says confident of winning all three bypolls in Karnataka

Hop on! IT Minister Priyank Kharge checks out Uber Shuttle at Bengaluru Tech Summit

Actress Kasthuri released from jail, says ‘I thank those who made me raging storm’

Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial

AIMPLB to hold its annual general sessions in Bengaluru from November 23

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.