Case Brief
The Reserve Bank of India imposed a monetary penalty on Bharat Co-operative Bank (Mumbai) Limited by order dated May 27, 2020. The penalty was levied under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, after a statutory inspection revealed non-compliance with RBI directions on Income Recognition and Asset Classification (IRAC) norms and on Frauds classification and reporting. RBI noted that the bank’s reply and submissions were considered before concluding that the charges were established.
Action Snapshot
- Primary Impact
- Fine: Rs 60.0 L
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra
- Order Date