Friday, September 30News That Matters
Shadow

Tag: Vysya

Karur Vysya Bank CEO, MD resigns

Karur Vysya Bank CEO, MD resigns

Finance
NEW DELHI: Karur Vysya Bank Ltd on Monday said its Managing Director & CEO P R Seshadri has submitted his resignation citing personal reasons. "Board of Directors of the Bank in their meeting held Monday has accepted the resignation of P R Seshadri," Karur Vysya Bank said in a regulatory filing. He will be "relieved from the services of the Bank at the close of working hours on 31st March 2020 as per his request," the filing added. Seshadri, submitted his resignation vide letter dated January 4, 2020 citing personal reasons. Shares of Karur Vysya Bank were trading at Rs 56.85, down 4.85 per cent on the BSE. Let's block ads! (Why?) Banking/Finance-Industry-Economic Times
RBI slaps Rs 5 crore penalty on Karur Vysya Bank

RBI slaps Rs 5 crore penalty on Karur Vysya Bank

Finance
The Reserve Bank of India has imposed a penalty of Rs 5 crore on Karur Vysya Bank for non-compliance of its directives. According to a RBI statement on Friday, the penalty was imposed for non-compliance with its directions on "Income Recognition and Asset Classification (IRAC) norms, reporting of frauds, and on the need for discipline at the time of opening of current accounts". "This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the statement added. Let's block ads! (Why?) Banking/Finance-Industry-Economic Times