Case Brief
By an order dated November 16, 2020, RBI imposed a monetary penalty of ₹20.00 lakh on Shushruti Souharda Sahakara Bank Niyamita, Bengaluru, Karnataka. The bank was found to have failed to comply with RBI's directions contained in the circular on Income Recognition, Asset Classification, Provisioning and other related matters for urban co-operative banks, based on inspection findings as of March 31, 2019. RBI stated that it issued a notice to show cause, considered the bank's written and oral submissions, and then concluded that the non-compliance warranted penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 20.0 L
- Entity Type
- Co-operative bank
- Location
- Bengaluru, Karnataka