RBI said it had received a complaint regarding large cash withdrawals in certain accounts maintained with the state-owned bank. The penalty was imposed on July 26. Nevertheless, this action is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI representatives added.
The RBI said that after considering the bank’s reply, oral submissions, additional information and documents, it concluded that the charge was substantiated and warranted imposition of monetary penalty.
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