Case Brief
RBI, by order dated July 15, 2021, imposed a monetary penalty of Rs 50,000 on Tripura State Co-operative Bank Ltd., Agartala. The penalty was for non-compliance with RBI's Directive on Membership of Credit Information Companies (CICs), based on deficiencies found during NABARD's statutory inspection and subsequent examination of related correspondence. RBI issued a show-cause notice, considered the bank's reply and oral submissions, and then concluded that the contravention was substantiated, warranting the penalty under section 25(1)(iii) of the Credit Information Companies (Regulation) Act, 2005.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Agartala, Tripura