Bank of India has been fined ₹58.50 lakh for violations related to ‘Priority Sector Lending (PSL) – Targets and Classification’ and ‘Interest Rate on Deposits, while Central Bank of India has been penalised ₹63.60 lakh for lapses in adherence to ‘Know Your Customer (KYC)’ norms and financial inclusion guidelines related to Basic Savings Bank Deposit Accounts (BSBDA).
