............The Reserve Bank of India (RBI) will now be able slap a penalty of Rs 1 crore on banks for breaching a single norm. If a bank breaches more than one norm, the amount fined will be multiple of Rs 1 crore. Earlier, for single violating the fine was Rs 5 lakh. The new norm comes into effect after Section 46 of the Banking Regulation Act was amended in the last winter session.....................
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