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Bank of India (BoI), on Thursday, said the Reserve Bank of India has asked it to pay a penalty of ₹1.5 crore on account of ‘non-compliance with RBI’s direction on frauds’ in Rotomac Group companies. In a stock exchange notice, BoI said the penalty is required to be paid within 14 days of receipt of RBI’s order, which was received via email dated August 1.
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