RBI slaps ~3.5-crore fine on Corporation, Allahabad Bank

The Reserve Bank of India (RBI) has imposed a cumulative penalty of ~3.5 crore on state-owned lenders Corporation Bank and Allahabad Bank for violation of various norms. "This is to inform that Reserve Bank of India...has imposed an aggregate penalty of ~20 million on our bank due to some lapses in monitoring of end use of funds and exchange of information with other banks in respect of one borrower along with some other banks," Corporation Bank said in a regulatory filing on Friday.The bank has already taken necessary preventive measures to avoid such recurrence, it added.