
The Financial Intelligence Unit of the Central Bank of Sri Lanka has imposed a penalty on Indian Bank for non-compliance with the Financial Transactions Reporting Act, No.6 of 2006 (FTRA).
A monetary penalty of LKR 2 million (approximately Rs 5.8 lakh) was levied, as Indian Bank disclosed to the stock exchange on Monday.
Indian Bank operates two branches in Sri Lanka, located in Colombo and Jaffna.
The bank stated that necessary preventive measures have been implemented at its Sri Lankan branches to prevent similar incidents in the future.
Indian Bank did not provide specific details about the penalty when queried by The Times of India (TOI).