Case Brief
By order dated January 22, 2020, RBI imposed a monetary penalty of ₹14 lakh on Apna Sahakari Bank Ltd., Mumbai, for failure to comply with RBI directions on Income Recognition and Asset Classification (IRAC) norms. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, after a statutory inspection found deficiencies in regulatory compliance and RBI concluded the charges were established following the bank's reply and personal hearing.
Action Snapshot
- Primary Impact
- Fine: Rs 14.0 L
- Entity Type
- Co-operative bank
- Location
- Mumbai
- Order Date