Indian Bank Faces Penalty in Sri Lanka

The Central Bank of Sri Lanka's Financial Intelligence Unit has imposed a penalty on state-owned Indian Bank for failing to comply with the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA) of Sri Lanka. The monetary penalty amounts to Sri Lankan rupees (LKR) two million, approximately Rs 5.8 lakh, as informed by Indian Bank to the stock exchange on Monday.

Indian Bank operates with two branches in Colombo and Jaffna, Sri Lanka. The bank has assured that necessary preventive actions have been taken to avoid such recurrences in the future. However, specific details regarding the reason for the penalty remain undisclosed as Indian Bank did not respond to a questionnaire from TOI seeking further information.