Bank of India Faces Monetary Penalty from Reserve Bank of India
Bank of India announced today that it has received a monetary penalty of Rs. 58,50,000 from the Reserve Bank of India. The penalty was levied on March 27, 2026.The penalty relates to the imposition of service charges, inspection charges, and processing charges on Priority Sector Lending (PSL) accounts up to Rs. 25,000, and for failing to pay the rate of interest on Term Deposit Receipts (TDRs) from the date of maturity until the TDRs were encashed.
According to Bank of India, the monetary penalty is not expected to have a material impact on the bank’s financial, operational, or activities.
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