Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹12.00 lakh on Navbharat Co-operative Urban Bank Ltd., Hyderabad. The bank was found to have violated or not complied with RBI directions under the Supervisory Action Framework, the Basic Cybersecurity Framework, and requirements on IS Audit and Internal Audit Compliance. RBI said the penalty followed an inspection report based on the bank's financial position as on March 31, 2019, issuance of a show-cause notice, and consideration of the bank's reply and oral submissions. The action was taken under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949 (AACS).
Action Snapshot
- Primary Impact
- Fine: Rs 12.0 L
- Entity Type
- Co-operative bank
- Location
- Hyderabad, Telengana