According to news, the federal bank has found some serious violations by the Board of Control for BCCI during the Twenty20 cricket tournament held in 2009.
The RBI is said to have filed a report to the Parliamentary Standing Committee on Finance in which it accused the Indian cricket board of not adhering to its foreign exchange protocols.
The Bank is apparently waiting for a report by the Enforcement Directorate (ED) before coming up with a suitable penalty for the BCCI.
At least four national banks Axis Bank, HDFC Bank, Yes Bank and State Bank of Travancore are also expected to be served showcause notices for allegedly being a party to move money to India from accounts in South Africa.