Case Brief
The Reserve Bank of India imposed a monetary penalty on The Nainital Bank Limited by order dated May 06, 2019. The bank had been directed, following statutory inspection, to fully automate its NPA identification process within a specific timeframe, and the direction was later reiterated with an extended timeline. RBI took action after the bank failed to comply with the direction, invoking Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 Cr
- Entity Type
- Bank
- Action Type
- Monetary penalty
- Order Date