Case Brief
The Reserve Bank of India imposed a monetary penalty on Nagar Sahkari Bank Limited, Etawah by order dated July 02, 2021. The bank was found to have contravened Section 35A read with Section 56 of the Banking Regulation Act, 1949 and the RBI regulations on Income Recognition, Asset Classification, Provisioning and Other Related Matters for UCBs. RBI said the bank failed to adhere to the applicable provisions and directions issued thereunder, based on deficiencies found in an inspection report for the bank's financial position as of March 31, 2019.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Etawah, Uttar Pradesh
- Order Date